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Assume the demand function is QD = 2010.1PSI + 0.04PTI, where Qp is the quantity of shirts demanded, Ps is the price of shirts,

Assume the demand function is QD = 2010.1PSI + 0.04PTI, where Qp is the quantity of shirts demanded, Ps is the price of shirts, Pr is the price of ties and I is the income. Calculate the own-price, income, and cross-price elasticities of demand for the market. Interpret your results.

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The ownprice elasticity of demand is calculated as 01201 00005 This means that a 1 increase in the p... blur-text-image

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