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Suppose the demand curve for a product is given by Q=10-2P+Ps1, where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00.
a. Suppose P=$1.00, what is the price elasticity of demand? what is the cross-price elasticity of demand?
b. Suppose the price of the good, P, increases to $2.00. Now, what is the price elasticity of demand, and what is the cross-prices elasticity of demand?
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Answers: 3
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Suppose the demand curve for a product is given by Q=10-2P+Ps1, where P is the price of the product...
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