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The demand for good X has been estimated by Qxd= 36 1.5Px 2Py+ 0.2M. Suppose that good X sells at $50 per unit, good Y
The demand for good X has been estimated by Qxd= 36 1.5Px 2Py+ 0.2M. Suppose that good X sells at $50 per unit, good Y sells for $16 per unit, and income is $600. Calculate the cross price elasticity.
2.44
0.65
0.76
1.53
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