The Cross-Price Elasticity of Demand Between Goods X and Y

question 126

Multiple Choice

The cross-price elasticity of demand between goods X and Y is −3.5.If the price of X decreases by 7 percent,the quantity demanded of Y will:

• A) decrease by 24.5 percent.
• B) decrease by 2.45 percent.
• C) increase by 24.5 percent.
• D) increase by 2.45 percent.

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