Last month, sellers of Good F sold 400 units and collected revenue of $8,000. This month sellers of Good F raised their price, sold 375 units and received $9,000 of revenue. At the same time, the price of Good G stayed the same, but sales of Good G fell from 210 units to 190 units. We can conclude that Goods F and G are substitutes, and have a cross-price elasticity of 0.55. В. 3. are substitutes, and have a cross-price elasticity of 1.82. С. are complements, and have a cross-price elasticity of 1.82. D. are complements, and have a cross-price elasticity of negative 1.82. Е. are complements, and have a cross-price elasticity of negative 0.55.

Last month, sellers of Good F sold 400 units and collected revenue of $8,000. This month sellers of Good F raised their price, sold 375 units and received $9,000 of revenue. At the same time, the price of Good G stayed the same, but sales of Good G fell from 210 units to 190 units. We can conclude that Goods F and G are substitutes, and have a cross-price elasticity of 0.55. В. 3. are substitutes, and have a cross-price elasticity of 1.82. С. are complements, and have a cross-price elasticity of 1.82. D. are complements, and have a cross-price elasticity of negative 1.82. Е. are complements, and have a cross-price elasticity of negative 0.55.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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