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36 of 38 Suppose the demand curve for a product is given by: Q = 230 - 11P + 8Ps, where P is the price

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36 of 38 Suppose the demand curve for a product is given by: Q = 230 - 11P + 8Ps, where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $7.7. Suppose the price of the product is $11. What is the cross- price elasticity of demand? Answer. DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO THREE (3) DECIMAL CFS Finkh a

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