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True or False 1.The Cross-Price elasticity of demand for good X is -2, if its demand changes...

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Economics

True or False

1.The Cross-Price elasticity of demand for good X is -2, if itsdemand changes from 100 units to 300 units, because of an increasein Price of Good Y from $1 to $2?

2.If the Demand for a good is inelastic, we can say that, asPrice decreases, the Total Revenue will decrease.

3.If the demand for a good rises, when income falls, the good isan inferior good.

4.Because of the law of supply, we can be sure that priceelasticity of supply, which measure the responsiveness of quantitysupplied to a change in market price of the good, will always beNEGATIVE.

Answer & Explanation Solved by verified expert
3.9 Ratings (549 Votes)
1 Formula for cross price elasticity percentage change in quantity demanded of one good percentage change in price of another good 300100100100 211100 200100100 11100 200100 2 False the cross price    See Answer
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