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Suppose 10,000 units of good X are sold when the price of good Y is $5 and that 12,000 units of good X are sold
- Suppose 10,000 units of good X are sold when the price of good Y is $5 and that 12,000 units of good X are sold when the price of good Y is $7.Which statement is correct?
A. The cross-price elasticity of demand is -6/11 and the good are complements.
B. The cross-price elasticity of demand is -6/11 and the good are substitutes.
C. The cross-price elasticity of demand is 6/11 and the good are substitutes.
D. The cross-price elasticity of demand is 6/11 and the good are complements.
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