Q = 19 - 1P + 2PS where P is the price of the product and...
Q = 19 - 1P + 2PS
where P is the price of the product and
Ps the price of a substitute good.
The price of the substitute good is $2.00.
Suppose
P=$0.90
The price elasticity of demand is?
Please walk me through the quantity calculation as well, I'm struggling to get the right answer. Thank you!
Homework Answers
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
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uppose the demand curve for a product is given by Q = 18 - 2P+1PS where is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.80. Suppose P 5050. The price elasticity of demand is -0.05. (Enter your response rounded to two decimal places) The cross-price elasticity of demand is 0.14. (Enter your response rounded to two decimal places.) Suppose the price of the good, P goes...
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Consider a market with network externalities, where demand is Q-100 - 1P. Let price initially be $40, where current demand without network externalities would be Q. =80.00 -0.50P. Suppose the price falls to $30, where demand without network externalities would be Q2 - 85.00 -0.50P. With network externalities, the price change increases the quantity demanded by 10 units. (Enter your response using an integer.) Without externalities, the price change would have increased the quantity demanded by units.
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