4. The demand for good X has been estimated by Qx= 12 - 3P, + 4Py. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity. А. -0.2 В. -0.3 С.-0.5 D. -0.6
4. The demand for good X has been estimated by Qx= 12 - 3P, + 4Py. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity. А. -0.2 В. -0.3 С.-0.5 D. -0.6
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Why the answer is D?
![4. The demand for good X has been estimated by Q = 12 - 3P + 4Py. Suppose that good X
sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity.
А. -0.2
В. -0.3
С.-0.5
D. -0.6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff7e063ef-2dca-4158-bc99-4b6d1246b805%2Fa5a78f3a-13a1-49fe-bda4-fd8ea9c8c46a%2Fjyk98yt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4. The demand for good X has been estimated by Q = 12 - 3P + 4Py. Suppose that good X
sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity.
А. -0.2
В. -0.3
С.-0.5
D. -0.6
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