What is the cross price elasticity coefficient for Goods X and Y between the prices of Good X of $1 to $2? (Round to hundredth please.) (No work needed.)
Row | Price of Good X | Quantity Demand of Good X | Quantity Supply of Good X | Price of Good Y | Buyer's Income |
|---|---|---|---|---|---|
1 | $1 | 40 | 12 | $10 | $100 |
2 | 2 | 38 | 15 | 11 | $120 |
3 | 3 | 36 | 26 | 12 | $110 |
4 | 4 | 10 | 28 | 13 | $105 |
5 | 6 | 10 | 35 | 14 | $105 |
6 | 6 | 8 | 50 | 13 | $90 |
7 | 7 | 3 | 50 | 10 | $50 |
Use this table for ALL calculations. Heads up...there are NO mistakes in this table. The table may or may not represent functions that you are familiar with. FOCUS only on the parts of the table that are requested in your problem.
Perfectly Price Elastic
Between 0 and 1
Between 1 and Infinity
Relatively Price Inelastic
Perfectly Price Inelastic
Infinite