Question : Which of the following goods is likely to have a positive cross elasticity of demand with bicycles?
Option 1: Bicycle helmets
Option 2: Bicycle repair services
Option 3: Motorcycle helmets
Option 4: Roller skates
Correct Answer: Bicycle repair services
Solution : The correct answer is (b) Bicycle repair services
Bicycle repair services are likely to have a positive cross elasticity of demand with bicycles. When the price of bicycles increases, the demand for bicycle repair services is also likely to increase. This is because as the price of bicycles rises, some consumers may choose to repair their existing bicycles instead of purchasing new ones, leading to an increase in demand for repair services.
Question : Which of the following goods is likely to have a negative cross elasticity of demand with bicycles?
Question : Which of the following goods is likely to have a positive cross elasticity of demand with apples?
Option 1: Oranges
Option 2: Bananas
Option 3: Beef
Option 4: Cereal
Question : Which of the following goods is likely to have a positive cross elasticity of demand with coffee?
Option 1: Tea
Option 2: Sugar
Option 3: Milk
Option 4: Salt
Question : Which of the following goods is likely to have a negative cross elasticity of demand with coffee?
Question : Which of the following goods is likely to have a negative cross elasticity of demand with smartphones?
Option 1: Phone cases
Option 2: Phone chargers
Option 3: Tablets
Option 4: Bluetooth headphones
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