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April 25, 2014

Homework Help: economics

Posted by arep on Monday, April 2, 2012 at 2:59pm.

suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00.

a)suppose P=$1.00, what is the price elasticity of demand?what is the cross- price elasticity of demand?

b)suppose the price of the good, P, increases to $2.00. Now what is the price elasticity of demand, and what is the cross-prices elasticity of demand?

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