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microeconomic Suppose the demand curve for a product is given by Q = 10 2P +Ps, where P is the price of the product and

microeconomic

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Suppose the demand curve for a product is given by Q = 10 2P +Ps, where P is the price of the product and P5 is the price of a substitute good. The price 01' the substitute good is $2.00. a. Suppose P = $1.00. What is the price elasticity of demand? What is the cross-price elasticity of demand? 1). Suppose the price of the good, 1', goes to $2.00. Now what is the price elasticity of demand? What is the cross-price elasticity of demand

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