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    Question

    The price elasticity of demand for good X is known to be

    twice that of good Y. Price of X falls by 5% while that of good Y rises by 5%. What is the percentage change in the quantities demanded of X and Y?
    A X will fall by 10% and Y will rise by 5% Correct Answer Incorrect Answer
    B X and Y both will fall by 10% Correct Answer Incorrect Answer
    C X and Y both will rise by 5% Correct Answer Incorrect Answer
    D X will rise by 10% and Y will fall by 5% Correct Answer Incorrect Answer

    Solution

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