Multiple Choice
Last month,sellers of good Y took in $150 and sold 50 units of good Y.This month sellers of good Y raised their price,took in $160 and sold 40 units of good Y.At the same time,the price of good X stayed the same,but sales of good X increased from 20 units to 40 units.What can we conclude about goods X and Y
A) They are substitutes, and have a cross-price elasticity of 0.43.
B) They are complements, and have a cross-price elasticity of 0.43.
C) They are substitutes, and have a cross-price elasticity of 2.33.
D) They are complements, and have a cross-price elasticity of 2.33.
Correct Answer:

Verified
Correct Answer:
Verified
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