2. When price of Good X increased from $100 to $180, quantity demanded of Good Y reduced from 1500 units to 1250 units, Calculate cross elasticity of demand between the two goods. Are the goods substitutes or complements?

2. When price of Good X increased from $100 to $180, quantity demanded of Good Y reduced from 1500 units to 1250 units, Calculate cross elasticity of demand between the two goods. Are the goods substitutes or complements?

Name: 2. When price of Good X increased from $100 to $180, quantity demande
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Description: 2. When price of Good X increased from $100 to $180, quantity demanded of Good Y reduced from1500 units to 1250 units, Calculate cross elasticity of demand between the two goods. Are the goodssubstitutes or complements?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 4PA: A price change causes the quantity demanded of a good to decrease by 30 percent, while the total...

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