High-end cinema cameras and compatible proprietary solid-state storage cards (SSDs) are complementary goods with an estimated cross elasticity of demand of -2.5. Currently, 85,000 of these SSDs are sold globally each year.
With reference to the information provided, calculate the new quantity demanded of these proprietary SSDs per year, following a 6% decrease in the price of high-end cinema cameras. You are advised to show your working.
119 exam-style questions on Edexcel A A Level Economics 1.2.3 Price, income and cross elasticities of demand. Each one has a worked solution and a mark scheme showing where the marks go.