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

Suppose the demand curve for a product is given by Q = 10 2P + P_S, 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 = $1.00. What is the price elasticity of demand? What is the cross-price elasticity of demand?

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