Suppose that a good X has a close substitute Y and a distant substitute Z. Do you

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Suppose that a good X has a close substitute Y and a distant substitute Z. Do you expect the cross-elasticity of demand for X with respect to the price of Y to be positive or negative? The cross-elasticity of demand for X with respect to the price of Z? Which elasticity do you expect to be larger?

Posted Date: Jun 25, 2024 10:19 PM

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Suppose that a good X has a close substitute Y and a distant substitute Z. Do you

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