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

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

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

Edition: 19^th

Author: Miller

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bli14

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More solutions for this book are available here

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avinash0312 Author

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Just got PERFECT on my quiz

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You make an excellent tutor!

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Thanks

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