A-LevelEconomicsThe price system and the microeconomy9708/12 · Oct/Nov 2016 · 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
✓ Correct answer
A: $5.00
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