Suppose the demand curve for a product is given by Q=15-1P+2Ps where P is the price of

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Suppose the demand curve for a product is given by Q=15-1P+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 $2.60

Suppose P=.$1.00. The price elasticity of demand is -0.05(Enter your response rounded to two decimal places.)

The cross-price elasticity of demand is 0.27 (Enter your response rounded to two decimal places.)

Suppose the price of the good, P, goes to $2.00. Now the price elasticity of demand is -0.11 (Enter your response rounded to two decimal places.)

Thecross-price elasticity of demand is.................? (Enter your response rounded to two decimal places.)

Posted Date: Jun 26, 2024 05:14 PM

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Suppose the demand curve for a product is given by Q=15-1P+2Ps where P is the price of

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