Suppose that when the price of good X falls from $6 to $4, the quantity demanded of good Y rises from 30 units to 40 units. Using the midpoint method, the cross-price elasticity of demand is
a. -0.71, and X and Y are complements.
b. -1.40, and X and Y are complements.
c. -0.71, and X and Y are substitutes.
d. -1.40, and X and Y are substitutes.
a
Economics
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The slope in the above figure is
A) negative and increasing. B) negative and decreasing. C) positive and increasing. D) positive and decreasing.
Economics
Refer to Figure 4-8. What is the value of the deadweight loss after the imposition of the ceiling?
A) $50,000 B) $125,000 C) $175,000 D) $260,000
Economics