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.
Correct Answer:
Verified
Correct Answer:
Verified
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