A firm has kept track of the quantity demanded of its output (Good X) during four time periods. The price of X and the prices of two other goods (Good Y and Good Z) were also recorded for each time period. The information is provided in the table that follows. Use it to calculate the own-price arc elasticity of demand and the two cross-price elasticities of demand. Determine whether Good Y and Good Z are complements or substitutes for Good X.
$$\begin{array} { l l l l l }
\text { Time Period } & 1 & 2 & 3 & 4 \
\text { Quantity of } X & 220 & 80 & 250 & 260 \
\text { Price of } X & 15 & 25 & 15 & 25 \
\text { Price of } Y & 10 & 10 & 5 & 10 \
\text { Price of } Z & 2 & 20 & 20 & 30
\end{array}$$

Question

A firm has kept track of the quantity demanded of its output (Good X) during four time periods. The price of X and the prices of two other goods (Good Y and Good Z) were also recorded for each time period. The information is provided in the table that follows. Use it to calculate the own-price arc elasticity of demand and the two cross-price elasticities of demand. Determine whether Good Y and Good Z are complements or substitutes for Good X.
 $$\begin{array} { l l l l l } 
\text { Time Period } & 1 & 2 & 3 & 4 \
\text { Quantity of } X & 220 & 80 & 250 & 260 \
\text { Price of } X & 15 & 25 & 15 & 25 \
\text { Price of } Y & 10 & 10 & 5 & 10 \
\text { Price of } Z & 2 & 20 & 20 & 30
\end{array}$$

Quizplus · Accepted Answer

The Answer of A firm has kept track of the quantity demanded of its output (Good X) during four time periods. The price of X and the prices of two other goods (Good Y and Good Z) were also recorded for each time period. The information is provided in the table that follows. Use it to calculate the own-price arc elasticity of demand and the two cross-price elasticities of demand. Determine whether Good Y and Good Z are complements or substitutes for Good X.
 $$\begin{array} { l l l l l } 
\text { Time Period } & 1 & 2 & 3 & 4 \
\text { Quantity of } X & 220 & 80 & 250 & 260 \
\text { Price of } X & 15 & 25 & 15 & 25 \
\text { Price of } Y & 10 & 10 & 5 & 10 \
\text { Price of } Z & 2 & 20 & 20 & 30
\end{array}$$

A Firm Has Kept Track of the Quantity Demanded of Its