The demand for company X's product is given by Q x = 12 - 3P x +
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Question:
The demand for company X's product is given by Qx= 12 - 3Px+ 4Py. Suppose good X sells for $2.50 per unit and good Y sells for $1.50 per unit.
1.Calculate the cross-price elasticity of demand between goods X and Y at the given prices.
2.What is the own-price elasticity of demand at these prices?
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