Find point cross elasticity of demand for old town pinball, Microeconomics

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Find point cross elasticity of demand for old town pinball

The following demand function has been estimated for Happy pinball machines: QD = 3,500 - 40P + 17.5Px + 670U + 0.0090A + 6,500N

where P = monthly rental price of Happy pinball machines

Px = monthly rental price of Old Town pinball machines (their largest competitor)
U = current unemployment rate in the 10 largest metropolitan areas
A = advertising expenditures for Happy pinball machines
N = fraction of the Malaysia population between ages 10 and 30

i) What is the point price elasticity of demand for Happy pinball machines when P = RM150, Px = RM100, U = 0.12, A = RM200,000 and N = 0.35?

ii) What is the point cross elasticity of demand with respect to Old Town pinball machines for the values of the independent variables given in part (i)?

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Microeconomics: Find point cross elasticity of demand for old town pinball

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Microeconomics: Find point cross elasticity of demand for old town pinball

Reference No:- TGS075390

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