Suppose the demand curve for a product is given by: Q = 200 - 7P + 5Ps, where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $58 Suppose the price of the product is $5.7. What is the cross-price elasticity of demand? Answer: DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTEF OUR RESPONSE ROUNDED TO THREE (3) DECIMAL PLACES. Previous page 35 36 37 38 39 Next page