(Solved): 14. cross-price elasticity of demand calculation/interpretation; key formula: CPEd \( =(\% \) chan ...

14. cross-price elasticity of demand calculation/interpretation; key formula: CPEd \( =(\% \) change in Qd of good \( \mathrm{X}) /(\% \) change in price of good \( \mathrm{Y}) \) The cross-price elasticity of demand between goods \( X \) and \( Y \) is \( -1.43 \) and the income elasticity of demand for good \( X \) is \( -1.18 \). What is the relationship between \( X \) and \( Y \) and what is Good \( X \) ? The cross-price elasticity between goods \( X \) and \( Y \) is \( -1.40 \). If the price of good \( Y \) decreases by \( 5 \% \), the quantity demanded good \( \mathrm{X} \) will Goods \( X \) and \( Y \) are a. decrease by \( 3.57 \% \), complements b. increase by \( 7.00 \% \), substitutes c. increase by \( 7.00 \% \), complements d. decrease by \( 3.57 \% \), substitutes