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QUESTION 1 (10 Marks) When the price of Good X is 27, the quantity demanded of Good Y is 1,200 units. When the price of

QUESTION 1 (10 Marks)

When the price of Good X is 27, the quantity demanded of Good Y is 1,200 units. When the price of Good X falls to 23 (the price of Good Y unchanged) the quantity demanded of Good Y falls to 800 units.

Compute the cross elasticity of demand for Good Y.
State the nature of the good.

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