Question

If the quantity of good X demanded increases from 8 to 12 in response to an increase in the price of good Y from Rs.23 to Rs.27 the cross elasticity of demanded for X with respect to the price of Y is approximately:​

Answer 1

Answer:

We know

Cross price elasticity =

%ΔPy(chicken)

%ΔQx(beef)= 20%

5%=+0.25.