Question
Consider two goods X and Y. There was no change in price of X, but its demand was seen to fall from 6000 units to
Consider two goods X and Y. There was no change in price of X, but its demand was seen to fall from
6000 units to 5500 units. On analysis it was found that price of another commodity Y has increased from
225 to 250. Find out the cross-elasticity of demand between X and Y and the relationship between the two
commodities.
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Macroeconomics Principles Applications and Tools
Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
9th edition
978-0134089027, 134089022, 978-0134420684
