Suppose there are only two goods in the budget, x and y. you are given the following data: 2015 2016 quantity price quantity price good x 10 5 15 4 good y 20 8 16 10 6. price elasticity of demand for x in 2015 is a. + 0.1 b. − 0.4 c. − 1.2 d. − 2.5 7. the cross price elasticity of demand for x with respect to price of y in 2015 is a. + 2.0 b. – 2.0 c. – 1.0 d. +0.5 8. thus, x and y are a. complements b. substitutes c. unrelated d. inferior goods 9. income of the consumer in 2016 has a. increased by 4.76% b. decreased by 4.76% c. increased by 14.28% d. unchanged