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38. Last month, sellers of Good Y's revenue was $100 and sold 50 units of Good Y. This month sellers of Good Y raised their price, received $120 in revenue 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 0.60. b. They are complements, and have a cross-price elasticity of 0.60. c. They are substitutes, and have a cross-price clasticity of 1.67. d. They are complements, and have a cross-price elasticity of 1.67.

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Casey Durgan
Casey DurganLv2
22 May 2018

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