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Bizhelp, CPA
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12.We would expect the cross elasticity of demand between Pepsi

Customer Question

12.We would expect the cross elasticity of demand between Pepsi and Coke to be:

positive, indicating normal goods.

positive, indicating inferior goods.

positive, indicating substitute goods.

negative, indicating substitute goods.

13.Assume that the price of product X rises by 5 percent and the quantity supplied of X increases by 15 percent. The coefficient of price elasticity of supply for good X is:

negative and therefore X is an inferior good.

positive and therefore X is a normal good.

less than 1 and therefore supply is inelastic.

more than 1 and therefore supply is elastic.

Submitted: 6 years ago.
Category: Homework
Expert:  Bizhelp replied 6 years ago.

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