Question
The cross-price elasticity between goods X and Y is 0.75.If the price of good Y decreases by 6%, the quantity demanded for good X will
The cross-price elasticity between goods X and Y is 0.75.If the price of good Y decreases by 6%, the quantity demanded for good X will _______.Goods X and Y are _______.
Group of answer choices
increase by 1.50%, substitutes
None of the answers listed is correct.
decrease by 1.50%, substitutes
increase by 4.00%, substitutes
decrease by 4.00%, complements
decrease by 1.50%, complements
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Survey of Economics
Authors: Irvin B. Tucker
8th edition
1111989664, 978-1133713357, 1133713351, 978-1111989668
