【每日一练】CFA 一级（2015年）

Question：

If the quantity demanded of pears falls by 4% when the price of apples decreases by 3%, then apples and pears are best described as: 
A. inferior goods. 
B. complements. 
C. substitutes. 
 

Answer = C 

The cross elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in the price of a substitute or complement. If the cross elasticity of demand is positive, the goods are substitutes. In this case, the 4% decline in quantity of pears is divided by the 3% decline in the price of apples, which is a positive number: –4/–3 = +1.33. 
 

CFA Level I 
"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. Arbogast 
Section 4.4 

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