Neco Model Questions Vol1 2021 Economics Question 27
Practice objective / multiple choice question 27 from the 2021 Neco Model Questions Vol1 Economics examination.
The price of good X rises from \u20A650 to \u20A660 per unit, and its quantity demanded falls from 2\,000 units to 1\,500 units. During the same period, the quantity demanded of good Y increases from 800 units to 960 units. Using the midpoint (arc) method, (i) compute the price elasticity of demand for X, (ii) compute the cross‑price elasticity of demand of Y with respect to the price of X, and (iii) indicate whether X and Y are substitutes or complements.
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About This Question
This is Neco Model Questions Vol1 2021 Economics Question 27. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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