Homework Answers
Ans: a and b only
Two goods that complement each other have negative cross price elasticity. Positive cross price elasticity indicates that the two goods are substitutes. The pairs in c, d and e are substitutes of one another; therefore they have positive cross price elasticity. On the other hand, a and b have pairs which complement each other, thus they have negative cross price elasticity.
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Question 19 Consider the following pairs of items: a. shampoo and conditioner b. iPhones and earbuds...
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Panel A.
Panel C.
Panel B.
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are both necessities and price inelastic goods.
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3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
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Refer to Figure 5-1. A perfectly elastic demand curve is shown
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Panel A.
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b. iPhones and earbuds
c. a laptop computer and a desktop computer
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