Suppose the demand curve for a product is given by Q = 10 - 2P + PS, where Q is quantity demanded, P is the price of the product and PS

Economics Feb 09, 2022

Suppose the demand curve for a product is given by Q = 10 - 2P + PS, where Q is quantity demanded, P is the price of the product and PS.is the price of another good.

Assume P = $1.00 and PS = $2.00. What is the price elasticity of demand and the cross-price elasticity of demand? Interpret your results.

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