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I need help on these 2 microeconomic questions: Question 9 (2.5 points) The price of good Y decreased from $7 to $5. Meanwhile, the sales
I need help on these 2 microeconomic questions:
Question 9 (2.5 points) The price of good Y decreased from $7 to $5. Meanwhile, the sales of good X decreased from 14 units to 10 units. Crossprice elasticity of demand of goods X and Y, calculated using the midpoint method (this is the same as the arc elasticity method), is ___ and goods X and Y are ______ : O 1; substitutes O 1; complements O 1; substitutes O 1; complements Question 10 (2.5 points) Which statement is true? 0 Tax of same size yields larger DWL when supply is less elastic 0 Tax of same size yields larger DWL when supply is more elastic 0 Tax revenue increases with the size of tax. 0 DWL decreases with the size of the taxStep by Step Solution
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