Economics 9708 · AS & A Level · Price elasticity of demand

Price elasticity of demand — practice question

A government introduces a subsidy for product X, so the market price of X falls by 5%. The cross elasticity of demand for product Y, in relation to the price of product X, is +0.4. What will happen to the demand for product Y?

  • AIt will decrease by 2%.
  • BIt will decrease by 12.5%.
  • CIt will increase by 2%.
  • DIt will increase by 12.5%.

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