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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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