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tealshark78Lv1
28 Sep 2019
Suppose the demand function is Qd/x = 10,000 - 2Px + 3Py - 4.5M where Px = $100, Py =$50, and M = $2000. Determine the following elasticities and explain whether the respective elasticity is elastic, inelastic, or unitary:
1. Own Price elasticity of good X.
2. Cross price elasticity with good Y.
3. Income elasticity.
Suppose the demand function is Qd/x = 10,000 - 2Px + 3Py - 4.5M where Px = $100, Py =$50, and M = $2000. Determine the following elasticities and explain whether the respective elasticity is elastic, inelastic, or unitary:
1. Own Price elasticity of good X.
2. Cross price elasticity with good Y.
3. Income elasticity.
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teacherrecoLv10
20 Mar 2022
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Kritika KrishnakumarLv10
28 Sep 2019
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