Solved: Describe the goods as substitutes or complements, Microeconomics

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Describe the goods as substitutes or complements

Question:

Two goods have a cross price elasticity of +1.2.

a. Would you describe these goods as substitutes or complements?

b. If the price of one of the goods increases by 5 percent, what will happen to the demand for the other product, holding constant the effects of all other factors?

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Microeconomics: Describe the goods as substitutes or complements

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Microeconomics: Describe the goods as substitutes or complements

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