Question
Last month, sellers of Good Y took in $100 in total revenue on sales of 50 units of Good Y. This month, sellers of Good
Last month, sellers of Good Y took in $100 in total revenue on sales of 50 units of Good Y. This month, sellers of Good Y raised their price and took in $120 in total revenue on sales of 40 units of good Y. At the same time, the price of Good X stayed the same, but sales of Good X increased from 50 units to 60 units. We can conclude that Goods X and Y are:
Group of answer choices
substitutes, and have a cross price elasticity of 0.455
none of the above
complements and have a cross price elasticity of 1.67
substitutes, and have a cross price elasticity of 0.60
complements, and have a cross price elasticity of 0.60
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