Problem
Suppose the demand curve for a product is given by Q = 19 - 1P + 2Ps Where P is the price of the product and Ps is the price of a substitue good. The price of the substitute good is $2.40. Suppose P = 0.60. what is the price elasticity of demand? What is the cross price elasticity of demand? Suppose the price of the good, P, goes to $2.50. Now what is the price elasticity of demand? what is the cross-price elasticity of demand?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.