21 Jul WHAT IS THE CROSS-PRICE ELASTICITY OF DEMAND FOR THE PRODUCT AT THE EQUILIBRIUM PRICE AND QUANTITY?
The demand for a product is Qd=100-4P-3Px and supply is Qs=10+2P where Q is the quantity of the pro Show more The demand for a product is Qd=100-4P-3Px and supply is Qs=10+2P where Q is the quantity of the product in thousands of units P is the price of the product and Px is the price of another good. a. Refer to Scenario 1. When Px = $20 what is the equilibrium price and quantity sold of the product? b. Refer to Scenario 1. At the equilibrium price and quantity what is the own price elasticity of demand for the product? c. Refer to Scenario 1. What is the cross-price elasticity of demand for the product at the equilibrium price and quantity? d. Refer to Scenario 1. Does the cross-price elasticity provide enough information to determine whether the product and good X are complements or substitutes? If Yes are they complements or substitutes? If No why not? Show less
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