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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
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The cross-clasticity of good x with reference to price of good y being negative means (1) x and y are substitutes of each other (2) x and y are complementary go
The cross-clasticity of good X with reference to price of good Y being negative means (1) X and Y are substitutes of each other (2) X and Y are complementary goods (3) the above facts have no relevance to their being complementary or substitute goods (4) cannot say without more data
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Nidhi taparia
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The correct answer is (2). When two goods are complements or complementary to each other, they are demanded jointly. Let's say ink and pen. When the price of pen falls, its demand will rise. And when demand for pens rises, demand for ink will also rise. Because without ink, pens don't make sense. That shows they are jointly demanded.
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