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Suppose the cross elasticity of demand between two goods, X and Y, is negative. If the price of X decreases, the quantity demanded will O

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Suppose the cross elasticity of demand between two goods, X and Y, is negative. If the price of X decreases, the quantity demanded will O not change O fall for both goods. O rise for X and fall for Y. O fall for X and rise for Y. rise for both goods.Consider the following data for a hypothetical economy. Average Price of Quantity Household Transit Quantity Price of Demanded of Income Passes Demanded of Gasoline Gasoline (millions Year (S) ($) Transit Passes ($/litre) of litres) 2012 80 000 60 99 000 0.95 1940 2013 80 000 60 101 000 1.05 2060 The cross-price elasticity of demand for transit passes in terms of the price of gasoline is We can therefore conclude that these two goods are 0.2; complements 0.5; substitutes O 0.33; substitutes O 5.0; complements

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