When the price of photocopiers increases by 13%, the associated change in printers demanded is 6%. You don't know if this is an increase or decrease in the quantity demanded of printers, but you know that photocopiers and printers are substitutes. Use that information to calculate the cross-price elasticity of demand for printers. Remember, for some elasticities, we take the absolute value. For others, we do not. Include a negative sign if needed.

When the price of photocopiers increases by 13%, the associated change in printers demanded is 6%. You don't know if this is an increase or decrease in the quantity demanded of printers, but you know that photocopiers and printers are substitutes. Use that information to calculate the cross-price elasticity of demand for printers. Remember, for some elasticities, we take the absolute value. For others, we do not. Include a negative sign if needed.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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