Question
Suppose the demand curve for a product is given by Q=151P+3PS where P is the price of the product and PS is the price of
Suppose the demand curve for a product is given by
Q=151P+3PS
where P is the price of the product and PS is the price of a substitute good. The price of the substitute good is $2.00.
Suppose P=$0.60. The price elasticity of demand is
nothing (Enter your response rounded to two decimal places.) what is the price elasticity of demand? What is the cross price elasticity of demand? Suppose the price of the good, P, goes to $2.50. Now what is the price elasticity of demand? what is the cross-price elasticity of demand?
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The Worldly Philosophers The Lives, Times And Ideas Of The Great Economic Thinkers
Authors: Robert L Heilbroner
7th Edition
068486214X, 9780684862149
