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You have the following information for your product:

• The price elasticity of demand is -0.9.
• The income elasticity of demand is 0.5.
• The cross-price elasticity of demand between your good and a related good is 2.0.

What can you determine about consumer demand for your product from this information?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M941043

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