When commodity X sold for N25 per unit, 50 units of commodity Y were purchased.
ECONOMICS
JAMB 2000
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units. Determined the cross elasticity of demand?
- A. 1.7
- B. 0.6
- C. -0.6
- D. -1.7
Correct Answer: C. -0.6
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