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The demand for good X is estimated to be QXd = 10, 000 - 4PX + 5PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, and AX = 1,000 units. Based on this information, the cross price elasticity between goods X and Y is

a. 0.008
b. -0.08
c. -0.8
d. -8

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M972419

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