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Loraine Loraine
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9 years ago
If a 1 percent increase in the price of X increases the quantity demanded of Y by 2 percent, then X and Y are
A) complements and the cross elasticity of demand equals 2.
B) substitutes and the cross elasticity of demand equals 1/2.
C) substitutes and the cross elasticity of demand equals 2.
D) complements and the income elasticity of demand equals 2.
E) normal goods and the income elasticity of demand of each equals 2.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SydnieSydnie
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9 years ago
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Loraine Author
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9 years ago
Brilliant ツ
cartoon
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
Fleury
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2 hours ago
Smart ... Thanks!
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