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% increase in the price of oak wood has increased the quantity demanded of wood by 10%. What is the cross-price icity of demand of pine wood over oak wood? .1 0.2 D.5

% increase in the price of oak wood has increased the quantity demanded of wood by 10%. What is the cross-price icity of demand of pine wood over oak wood? .1 0.2 D.5

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Question 9 A 50% increase in the price of oak wood has increased the quantity demanded of pine wood by 10%. What is the cross-price elasticity of demand of pine wood over ak wood? O0.1 O02 O 0.5 Question 10 ( Samsung increases the price for Galaxy smartphones from $450 to $550. As a result the demand for Galaxy smartphones decreases from 21 million to 19 million. Using the midpoint method, calculate the price elasticity of demand for Galaxy smartphones? ) 0.8 1 O1.2 0.5
Transcribed Image Text:Question 9 A 50% increase in the price of oak wood has increased the quantity demanded of pine wood by 10%. What is the cross-price elasticity of demand of pine wood over ak wood? O0.1 O02 O 0.5 Question 10 ( Samsung increases the price for Galaxy smartphones from $450 to $550. As a result the demand for Galaxy smartphones decreases from 21 million to 19 million. Using the midpoint method, calculate the price elasticity of demand for Galaxy smartphones? ) 0.8 1 O1.2 0.5
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