Business, 31.07.2019 06:10 chimbali9736
When the price of good a rises from $11 to $33, the quantity of good a demanded decreases from 400400 to 200200 units a day and the quantity of good c demanded increases from 150150 to 250250 units a day. from this information, we can determine that a. the cross elasticity of demand is positive, so the two goods are substitutes b. the goods are complements because as the price of good a changes so does the quantity demanded of good c c. the cross elasticity of demand is less than 1, so the two goods are substitutes d. good c is a normal good because as the price of good a rises, people switch to good c
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When the price of good a rises from $11 to $33, the quantity of good a demanded decreases from 40040...
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