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1. Suppose the price of ethyl alcohol rises by 20 %. As a result, the demand for substitute hand soap rises by 10%. A)
1. Suppose the price of ethyl alcohol rises by 20 %. As a result, the demand for substitute hand soap rises by 10%. A) What is the cross-elasticity of demand for hand soap with respect to the price of ethyl alcohol?
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The crosselasticity of demand measures the responsiveness of the quantity demanded of one good ...
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Microeconomics
Authors: Robert Pindyck, Daniel Rubinfeld
8th edition
978-0132870436, 132870436, 013285712X, 978-0133371178, 133371174, 978-0132857123
