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Question - Suppose the demand curve for a product is given by Q = 11 - 2P + 3Ps Where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.80. Suppose P = 1.20. What is the price elasticity of demand? What is the cross price elasticity of demand?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M93118787

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