Suppose the price of the good, P, increases to $2., Macroeconomics

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Suppose the price of the good, P, increases to $2.

suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00.

a)suppose P=$1.00, what is the price elasticity of demand? what is the cross- price elasticity of demand?

b)suppose the price of the good, P, increases to $2.00. Now what is the price elasticity of demand, and what is the cross-prices elasticity of demand?

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Macroeconomics: Suppose the price of the good, P, increases to $2.

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Macroeconomics: Suppose the price of the good, P, increases to $2.

Reference No:- TGS0102681

Have a Question? (oR Write a Review)

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