If the cross-price elasticity of demand between two goods is positive, the goods are likely to be substitute.Question 3AnswerTrueFalse

The cross price elasticity of demand for substitutes goods is:Question 9Select one:a.negative.b.positive.c.equal to 1.d.positive only for normal goods.

What type of goods have a price elasticity of demand that is inelastic?Luxury goods.Necessities.Substitute goods.Complementary goods

Ian's utility function is given by u = x1x2. His cross-price elasticity of demand for x1 with respect to p2 will be:

What is the value of the price elasticity of demand (PED) for a product if total revenue remains thesame when the price is reduced?

If the demand function is given as 𝑋 = 100 − 3𝑝,find the elasticity of demand when price is 1