The demand for good X has been estimated by Q xd = 12 - 3Px + 4Py. %3D Suppose that good X sells at P2 per unit and goodY sells for $1 per unit. Calculate the own price elasticity. О а. -0.2 O b. -0.3 О с. -0.5 O d. -0.6
The demand for good X has been estimated by Q xd = 12 - 3Px + 4Py. %3D Suppose that good X sells at P2 per unit and goodY sells for $1 per unit. Calculate the own price elasticity. О а. -0.2 O b. -0.3 О с. -0.5 O d. -0.6
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 2CQQ: The price of a good rises from 8 to 12, and the quantity demanded falls from 110 to 90 units....
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Question
![The demand for good X has been
estimated by Q xd = 12 - 3Px + 4Py.
%3D
Suppose that good X sells at P2 per
unit and goodY sells for $1 per unit.
Calculate the own price elasticity.
О a. -0.2
O b. -0.3
О с. -0.5
O d. -0.6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15b94aee-b355-4707-acc3-5f6531d64271%2F419d54b6-d35b-4d55-9baf-fa8462b3b7b4%2Feearlbu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The demand for good X has been
estimated by Q xd = 12 - 3Px + 4Py.
%3D
Suppose that good X sells at P2 per
unit and goodY sells for $1 per unit.
Calculate the own price elasticity.
О a. -0.2
O b. -0.3
О с. -0.5
O d. -0.6
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