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Suppose that the price of good Y decreased from $18/unit to $16/unit and as a result, the quantity of good X purchased increased from 74 units/week to 80 units/week. In this case, the cross-price elasticity of demand for good X is -----.

Suppose that the price of good Y decreased from $18/unit to $16/unit and as a result, the quantity of good X purchased increased from 74 units/week to 80 units/week. In this case, the cross-price elasticity of demand for good X is -----.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Suppose that the price of good Y decreased from $18/unit to $16/unit and as a result, the quantity of good X purchased increased from 74 units/week to 80 units/week. In this case, the cross-price elasticity of demand for good X is ------ -0.66 O -1.51 -0.84 none of the above
Transcribed Image Text:Suppose that the price of good Y decreased from $18/unit to $16/unit and as a result, the quantity of good X purchased increased from 74 units/week to 80 units/week. In this case, the cross-price elasticity of demand for good X is ------ -0.66 O -1.51 -0.84 none of the above
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