As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 to 114 units. Are goods X and Y substitutes or complements? Group of answer choices Income elastic with an unknown elasticity Substitutes, however, demand is elastic Complements, however, demand is inelastic Substitutes, however, demand is inelastic Complements, however, demand is elastic
As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 to 114 units. Are goods X and Y substitutes or complements? Group of answer choices Income elastic with an unknown elasticity Substitutes, however, demand is elastic Complements, however, demand is inelastic Substitutes, however, demand is inelastic Complements, however, demand is elastic
Chapter6: Elasticity
Section: Chapter Questions
Problem 2WNG: As the price of good X rises from 10 to 12, the quantity demanded of good Y rises from 100 units to...
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Question
As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 to 114 units. Are goods X and Y substitutes or complements?
Group of answer choices
Income elastic with an unknown elasticity
Substitutes, however, demand is elastic
Complements, however, demand is inelastic
Substitutes, however, demand is inelastic
Complements, however, demand is elastic
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