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Consider the following data for a hypothetical economy. Year Average Household Income ($) Price of Transit Passes ($) Quantity Demanded of Transit Passes Price of

Consider the following data for a hypothetical economy.

Year

Average Household Income

($)

Price of Transit Passes

($)

Quantity Demanded of Transit Passes

Price of Gasoline ($/litre)

Quantity Demanded of Gasoline (millions of litres)

2018

80 000

60

99 000

0.95

1940

2019

80 000

60

101 000

1.05

2060

The

crossprice

elasticity of demand for transit passes in terms of the price of gasoline is ________. We can therefore conclude that these two goods are ________.

Question content area bottom

A.

5.0; complements

B.

0.33; substitutes

C.

0.5; substitutes

D.

0.2; substitutes

E.

0.2; complements

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