Last month, sellers of good y took in $100 in total revenue on sales of 50 units of good y. this month sellers of good y raised their price and took in $120 in total revenue on sales of 40 units of good y. at the same time, the price of good x stayed the same, but sales of good x increased from 20 units to 40 units. we can conclude that goods x and y are select one: a. complements, and have a cross-price elasticity of 0.60. b. substitutes, and have a cross-price elasticity of 1.67. c. substitutes, and have a cross-price elasticity of 0.60. d. complements, and have a cross-price elasticity of 1.67.

Option (b) is correct.

Explanation:

Initial price of good Y = Total revenue/units sold

                                    = $100/50

                                    = $2

New price of good Y = Total revenue/units sold

                                    = $120/40

                                    = $3

Percentage change in quantity demanded for good X:

      = 67%

Percentage change in price of good Y:

      = 40%

Therefore,

                                           = 1.67

Hence, good X and good Y are substitute goods because as the price of good Y increases as a result demand for good X increases and cross price elasticity is positive. The cross price elasticity is 1.67.

what are the sentences? so we can answer the question.

the first one $24,630