Suppose the demand ourve for a product is given by Q-14 -1P+ 2Ps where Pis the price of the product and Pg is the price of a substitute good. The price of the substtute good is $2.30. Suppose P$1.00. The price elasticity of demand is-0055 (Enter your response rounded to two decimal places) The cross-price elastiolty of demand is 0261 (Enter your response rounded to two decimal places.) Suppose the price of the good, P, goes to $2.00. Now the price elasticity of demand is (Enter your response rounded to two decimal places.)

Suppose the demand ourve for a product is given by Q-14 -1P+ 2Ps where Pis the price of the product and Pg is the price of a substitute good. The price of the substtute good is $2.30. Suppose P$1.00. The price elasticity of demand is-0055 (Enter your response rounded to two decimal places) The cross-price elastiolty of demand is 0261 (Enter your response rounded to two decimal places.) Suppose the price of the good, P, goes to $2.00. Now the price elasticity of demand is (Enter your response rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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