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Cross price-elasticity, Income elasticity

A. find out the cross-price elasticity of demand coefficient of a firm's product X, given that a 5% increase in the price of its close substitute, product Y, causes the quantity demand of product X to increase by 10%.

B.find out the income-elasticity of demand coefficient for a product for which a 4% increase in consumers' income will increase the quantity demanded by 6%.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925648

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