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13 Sep 2018

26. A decrease in the price of X from $6 to $4 causes an increase in the quantity of Y demanded (at the current price of Y) from 900 to 1,100 units. What is the cross-elasticity of demand between X and Y ? A) 0.5 B) -0.5 C) 2 D) -2 E) A) or B), depending on whether X and Y are substitutes or complements

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Patrina Schowalter
Patrina SchowalterLv2
14 Sep 2018
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Related questions

1. Suppose the price elasticity of demand for bread is 1.00. If the price of bread falls by 20%, the quantity demanded will increase by:

2. Suppose that a 20% decrease in the price of good Y causes a 20% increase in demand for good X. The coefficient of cross-price elasticity of demand is:

3. When the price of a quart of milk increased from $1.55 to $2.00 the quantity demanded decreased from 21,000 per day to 19,000 per day. In this range, the price elasticity of demand is:

4. If the elasticity of supply for crude oil is 0.5, how much will the price have to increase to increase production by 20%?

5. Demand for X increases from 100 to 125 when the price of Y increases from $5 to $6. The cross-price elasticity of demand is:

6. Demand for X increases from 100 to 125 when the price of Y increases from $5 to $6. The cross-price elasticity of demand is:

20) When the price of a bicycle falls from $220 to $180 and other things remain the same I the quantity of bicycles demanded increases from 150 to 250 an hour. II. the quantity of skateboards demanded decreases from 125 to 75 an hour. III. the quantity of bicycle helmets demanded increases from 170 to 230 an hour. Bicycle helmets and bicycles are because a fall in the price of a bicycle brings in the quantity demanded of bicycle helmets. The cross elasticity of demand for bicycle helmets with respect to bicycles is A) complements; an increase; 1.5 B) complements; an increase; -1.5 C) substitutes; a decrease; 1.5 D) substitutes; an increase; -0.67 E) complements; a decrease; 0.67

8) When the price of a bicycle falls from $220 to $180 and other things remain the same I the quantity demanded of bicycles increases from 150 to 250 an hour II. the quantity demanded of skateboards decreases from 125 to 75 an hour III. the quantity demanded of bicycle helmets increases from 170 to 230 an hour. Skateboards and bicycles are because a fall in the price of a bicycle brings in the quantity demanded of skateboards. The cross elasticity of demand for skateboards with respect to bicycles A) complements; an increase; -0.4 B) complements, a decrease; 0.4 C) substitutes, an increase; -2.5 D) substitutes; a decrease; 2.5 E) substitutes, a decrease; 0.4

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