Suppose That When the Price of Good X Increases from $800

question 265

Multiple Choice

Suppose that when the price of good X increases from $800 to $850,the quantity demanded of good Y increases from 65 to 70.Using the midpoint method,the cross price elasticity of demand is about

• A)-1.2,and X and Y are complements.
• B)-0.1,and X and Y are complements.
• C)0.1,and X and Y are substitutes.
• D)1.2,and X and Y are substitutes.

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The total cost incurred by a company for the salaries and wages of its employees.

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Sums of money withdrawn by the business owner(s) for private expenses.

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A basic accounting record used to keep track of all business transactions not recorded in specialized journals.

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