-In the Above Table,the Cross Price Elasticity of Demand for
\text

question 206

Multiple Choice

$$\begin{array} { l r r r r r r } \text { Month } & \mathbf { P X } _ { \mathbf { X } } & \mathbf { Q X } & \mathbf { P } _ { \mathbf { Y } } & \mathbf { Q } & \mathbf { P } _ { \mathbf { Z } } & \mathbf { \text { QZ } } \\\hline \text { Jan } & \$ 10 & 100 & \$ 20 & 50 & \$ 25 & 200 \\\text { Feb } & 10 & 90 & 18 & 60 & 25 & 225 \\\text { Mar } & 10 & 70 & 15 & 90 & 25 & 275 \\\text { Apr } & 12 & 50 & 15 & 100 & 25 & 290 \\\text { May } & 15 & 25 & 15 & 120 & 25 & 320\\\hline\end{array}$$
-In the above table,the cross price elasticity of demand for good X with good Y when PY falls from $20 to $18 is

• A)-2.
• B)0.
• C)+1.
• D)-1.

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Definitions:

Normative Economics

A branch of economics that expresses value judgments about economic fairness or what the economy ought to be like.

Positive Economics

An approach to economics that seeks to understand and explain the economy as it is, based on factual observations without making normative judgments.

Normative Statements

Opinions or judgments that reflect beliefs about what ought to be rather than statements that can be tested or verified.

Value Judgments

Assessments based on personal views, ethics, or standards rather than objective measures, often influencing decision-making processes.