Calculate the price elastic of demand. calculate the cross, Ask an Expert

Economics

Calculating own price and cross price elasticity values

The demand function for kingston's product is given by
logQ = 2.01 -0.148LogP + 0.25Log Z

Q = the quantity demanded (in tons) of its product, P = the price ( in dollars per ton), and Z = the price(in dollars of a rival product

a. find out the price elastic of demand

b. find out the cross elasticity of demand between kingston's product and the rival product.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M925575

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