Answer the next 2 questions according to information below: Suppose that Consumer A's demand for the good (commodity) X has increased in 16 per cent. Because the price of the close substitute good Y has increased in 8 per cent since and his demand for Y has decreased in 2 per cent. In that period of time, his own income has increased in 4 per cent and we know that this affected his demand levels. Calculate the cross elasticity of demand for goods X and Y.(Write below only the magnitude value: A positive integer). *

Answer the next 2 questions according to information below: Suppose that Consumer A's demand for the good (commodity) X has increased in 16 per cent. Because the price of the close substitute good Y has increased in 8 per cent since and his demand for Y has decreased in 2 per cent. In that period of time, his own income has increased in 4 per cent and we know that this affected his demand levels. Calculate the cross elasticity of demand for goods X and Y.(Write below only the magnitude value: A positive integer). *

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 8QFR

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