The price of a plane ride rises by 10 percent. The price elasticity of demand for plane
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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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Related Book For 
Essential Foundations Of Economics
ISBN: 9780520219465
7th Global Edition
Authors: Bade, Robin;Parkin, Michael
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