Question
The market demand for wheat is Q = 100-2p+ 1pb, where pb is the price of barley. If the price of wheat, p, is
The market demand for wheat is Q = 100-2p+ 1pb, where pb is the price of barley. If the price of wheat, p, is 2 and the price of barley is 4, the cross-price elasticity of demand equals 1. equals (-2/100). equals (4/100). equals (-4/100).
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Microeconomics
Authors: Douglas Bernheim, Michael Whinston
2nd edition
73375853, 978-0073375854
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