If a 10 percent increase in the price of good X results in a 20 percent decrease in the quantity of good Y demanded, which of the following is true?
Good X and good Y are complementary goods, and the cross-price elasticity is -0.5.
Good X and good Y are substitute goods, and the income elasticity is +2.
Good X and good Y are complementary goods, and the cross-price elasticity is -2.
Good X and good Y are normal goods, and the income elasticity is +2.
Good X and good Y are substitute goods, and the cross-price elasticity is -2.
The following question is based on the output and cost data in the table below.
Quantity of Output Produced (units)
Total Variable Cost ($)
Total Cost ($)