Pam is rich and at this high income level, her demand for good X is independent of income and given by X*=40.9-4 px/py where px and py denote respectively the price of good X and the price of good Y. Find the cross-price elasticity of Pam's demand for good X and enter below its value at the point where px = 5 and py= 5.
Pam is rich and at this high income level, her demand for good X is independent of income and given by X*=40.9-4 px/py where px and py denote respectively the price of good X and the price of good Y. Find the cross-price elasticity of Pam's demand for good X and enter below its value at the point where px = 5 and py= 5.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 8QFR
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