Last month, sellers of Good F sold 400 units and collected revenue of $8,000. This month sellers of Good F raised their price, sold 375 units and received $9,000 of revenue. At the same time, the price of Good G stayed the same, but sales of Good G fell from 210 units to 190 units. We can conclude that Goods F and G are substitutes, and have a cross-price elasticity of 0.55. В. 3. are substitutes, and have a cross-price elasticity of 1.82. С. are complements, and have a cross-price elasticity of 1.82. D. are complements, and have a cross-price elasticity of negative 1.82. Е. are complements, and have a cross-price elasticity of negative 0.55.

Last month, sellers of Good F sold 400 units and collected revenue of $8,000. This month sellers of Good F raised their price, sold 375 units and received $9,000 of revenue. At the same time, the price of Good G stayed the same, but sales of Good G fell from 210 units to 190 units. We can conclude that Goods F and G are substitutes, and have a cross-price elasticity of 0.55. В. 3. are substitutes, and have a cross-price elasticity of 1.82. С. are complements, and have a cross-price elasticity of 1.82. D. are complements, and have a cross-price elasticity of negative 1.82. Е. are complements, and have a cross-price elasticity of negative 0.55.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 13E: Using the following equation for the demand for a good or service, calculate the price elasticity of...

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