Question
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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