Calculate the percentage changes in the quantity demanded of plane rides and train rides. The price of
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Calculate the percentage changes in the quantity demanded of plane rides and train rides.
The price of a plane ride rises by 10 percent. The price elasticity of demand for plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. The cross elasticity of demand for train rides with respect to the price of a plane ride is 0.4.
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