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Suppose the demand curve for a product is given by Ps where P is the price of the product and Ps is the price of a substitute good The price of the substitute good is Suppose

Suppose the demand curve for a product is given by Q=13-1P+2Ps where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.30. Suppose P = 50.60. The price elasticity of demand is - .04. (Enter your response rounded to two decimal places.) The cross-price elasticity of demand is (Enter your response rounded to two decimal places.)

Apr 08 2020 View more View Less

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