Answered: Suppose that when the price of good X…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 2WNG: As the price of good X rises from 10 to 12, the quantity demanded of good Y rises from 100 units to...

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Suppose that when the price of good X increases from $500 to $660, the quantity demanded of good Y decreases from 66 to 10. Using the midpoint method, the cross-price elasticity of demand is about 5.34, and X and Y are substitutes. -0.19, and X and Y are complements. 0.19, and X and Y are substitutes. -5.34, and X and Y are complements. 4

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Suppose that when the price of good X increases from $500 to $660, the quantity demanded of good Y decreases from
66 to 10. Using the midpoint method, the cross-price elasticity of demand is about
5.34, and X and Y are substitutes.
-0.19, and X and Y are complements.
0.19, and X and Y are substitutes.
-5.34, and X and Y are complements.

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