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If a 1 percent increase in the price of X increases the quantity demanded of Y by 2 percent, then X

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If a 1 percent increase in the price of X increases the quantity demanded of Y by 2 percent, then X

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.

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Essential Foundations of Economics

Edition: 7^th

Authors: Bade, Parkin

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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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