[-/4 Points] DETAILS TANAPCALC10 8.2.060. MY NOTES ASK YOUR TEACHER PRACTICE Elasticity of Demand Let x = f(p, q) be the demand equation for the commodities A and B, where p and q are the respective unit prices. The elasticity of demand for A is ox En = P- ap X and the cross elasticity of demand for A with respect to q is ax E. = - 9 ag . X The demand equation for Product A is x = 400 - 8p + 0.4q where x is the quantity demanded of Product A, and p and q are the respective unit prices of Product A and a related Product B. Compute E, and E. when p = 5 and q = 42. (Round your answ to two decimal places.) E.(5, 42) = E(5, 42) = Interpret your results. (Round your answers to two decimal places.) An approximate increase of 1% in the unit price of product A will result in a % drop in the demand for that product, and a 1% increase in the unit price of product B will result in a % increase in the demand for product A. Need Help? Read It