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nadezda [96]
2 years ago
5

If Good C increases in price by 50 50 % a pound, and this causes the quantity demanded for Good D to increase by 60 % 60% , what

is the cross-price elasticity of the two goods? Round your answer to one decimal place. What is the relationship between the two goods? no relationship substitutes complements
Business
2 answers:
Natalka [10]2 years ago
7 0

Answer:

1.2  substitutes is the relationship between the two goods.

Explanation:

Paha777 [63]2 years ago
6 0

Answer:

Cross price elasticity = percent change in the quantity demanded of good D / percent change in the price of good C = 60% / 50% = <u>1.2</u>

When the cross price elasticity between two groups is higher than 1, the goods are <u>substitute</u> of each other. This means that an increase in the price of good C will increase the quantity demanded of good D.

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                                                               Absorption            Variable  

Direct material                                                $5.2                 $5.2

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