Suppose the demand curve for a product is given by Q=14-1P+2Ps where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.20. Suppose P= $0.90. The price elasticity of demand is -0.05. (Enter your response rounded to two decimal places.) The cross-price elasticity of demand is. (Enter your response rounded to two decimal places.)

Suppose the demand curve for a product is given by Q=14-1P+2Ps where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.20. Suppose P= $0.90. The price elasticity of demand is -0.05. (Enter your response rounded to two decimal places.) The cross-price elasticity of demand is. (Enter your response rounded to two decimal places.)

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section19.1: Elasticity: Part 1

Problem 1ST: On Tuesday, the price and quantity demanded are 7 and 120 units, respectively. Ten days later, the...

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