R.C. Willey's economists report that the quantity demanded for their microfiber sofas is given by the equation below. Px is their own price, C and D are other expensive good sold in the store with prices Pc and PD, M is income, and A is advertising expense. QXD=5009 -6.7PX-4Pc+1.9Pp+0.021M+0.67A What is the cross price elasticity of demand between X and D when Px=456, Pc=480, PD=579.8, M=40289, A=2644? (give me at least three decimal places) Answer: Check

R.C. Willey's economists report that the quantity demanded for their microfiber sofas is given by the equation below. Px is their own price, C and D are other expensive good sold in the store with prices Pc and PD, M is income, and A is advertising expense. QXD=5009 -6.7PX-4Pc+1.9Pp+0.021M+0.67A What is the cross price elasticity of demand between X and D when Px=456, Pc=480, PD=579.8, M=40289, A=2644? (give me at least three decimal places) Answer: Check

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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