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Suppose the demand curve for a product is given by Q= 13 1P+2Ps where P is the price of the product and Ps is the
Suppose the demand curve for a product is given by Q= 13 1P+2Ps where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.40. Suppose P = $0.50. The price elasticity of demand is = 0.03 . (Enter your response rounded to two decimal places.) The cross-price elasticity of demand is (Enter your response rounded to two decimal places.)
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