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Answer to Question #307491 in Microeconomics for Roo

Question #307491

rahul purchases only 2 goods: ice cream and chocolates. if own price elasticity (d) of demand for chocolates is 1, what is the cross price elasticity of demand for ice creams? show your calculation/reasoning

1
Expert's answer
2022-03-08T12:54:53-0500

Ice creams and chocolates are complementary goods.Complementary goods have a negative cross- price elasticity: as the price of one good increases, the demand for the second good decreases. Therefore, the cross

price elasticity of demand for ice creams is negative.



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