Exhibit 20-4 Price of Good X Price Good Y XX 'D Quantity of Good X Quantity of Good Y Refer to Exhibit 20-4. As a consequence of the depicted change in the supply of X, the demand curve for Y shifted from D₁ to D₂. It follows that OX and Y are substitutes. X and Y are complements. OX and Y are inferior goods. O demand for Y is price elastic.

Exhibit 20-4 Price of Good X Price Good Y XX 'D Quantity of Good X Quantity of Good Y Refer to Exhibit 20-4. As a consequence of the depicted change in the supply of X, the demand curve for Y shifted from D₁ to D₂. It follows that OX and Y are substitutes. X and Y are complements. OX and Y are inferior goods. O demand for Y is price elastic.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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