A-LevelEconomicsThe Price System and the MicroeconomyOct/Nov 2016Paper 1 Q81 Mark
Goods X and Y are complements with a cross-elasticity of demand of -0.8. When the price of good X was $10, the quantity of good Y demanded was 2000 units per week. After a change in the price of good X, the demand for good Y increases to 2800 units per week. What is the new price of good X?
A$5.00
B$6.80
C$13.20
D$15.00
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The correct answer is A. This question tests the candidate's understanding of the price system and the microeconomy within the Economicssyllabus. The examiner's mark scheme requires...
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