Suppose That the Price of Product a Increased from $9

question 133

Multiple Choice

Suppose that the price of Product A increased from $9 to $11 and the quantity demanded of Product B increased from 192 to 208.What can be said about the products?

• A)They both have elastic demands.
• B)They both have inelastic demands.
• C)They are inferior products.
• D)They are complementary products.
• E)They are substitute products.

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Definitions:

Logarithms

In mathematics, the exponent or power to which a base must be raised to yield a specific number.

Condense

In mathematics, to condense an expression means to simplify it into a more compact form, often by using properties of logarithms or exponents.

Solution

The value or set of values that satisfy an equation, inequality, or system of equations, providing the answer to a mathematical problem.

Equation

A mathematical statement that asserts the equality of two expressions, typically in the form of 'A = B' where A and B can be algebraic expressions.