A Fall in the Price of X from $6 to $4

question 162

Multiple Choice

A fall in the price of X from $6 to $4 results in an increase in the quantity of Y demanded (at the current price of Y) from 900 to 1,100 units. What is the cross elasticity of demand between X and Y?

• A)0.5
• B)-0.5
• C)2
• D)-2
• E)Either A or B, depending on whether X and Y are substitutes or complements.

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Definitions:

Time Sample

A method of data collection in research where observations are made at specific intervals over a set period of time.

Predetermined Amount

A specified quantity or total that has been established in advance.

Observing Classroom

The process of systematically watching and analyzing the dynamics, interactions, and educational practices within a classroom setting.

Rank Order

Organizing or classifying a set of elements according to their importance, quality, or achievement in a sequential manner.