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avinash0312 avinash0312
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5 years ago

Question 1.

"The price elasticity of demand for a particular good is smaller in the long run because consumers adapt to higher prices over time." Do you agree or disagree? Explain.

Question 2.

Suppose that the cross price elasticity of demand between good X and good Y is -1.55. This indicates that the two goods are

• complements.

• both inferior.

• substitutes.

• completely unrelated in the minds of consumers.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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bli14bli14
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5 years ago
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avinash0312 Author
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5 years ago
Correct Slight Smile TY
annielin111
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Smart ... Thanks!
annabananerz
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Brilliant ツ
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