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Calculate the cross price elasticity of demand

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Reference no: EM133600253

Question: Suppose that when the price of good X increases from $800 to $850, the quantity demanded of good Y increases from 65 to 70. Using the midpoint method:

a) Calculate the cross price elasticity of demand.

b) Are goods X and Y complements or substitutes?

 

 

 

Reference no: EM133600253

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