Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question 1 Q1=10-0.6P1 - 0.1P2 +0.005Y, where P₁ = 50, P2 = 20 and Y = 10000. Find: 1.1 Q1 1.2 Price elasticity of demand of good 1 1.3 Cross elasticity of demand between good 1 and good 2 1.4 Income elasticity of demand of good 1
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Transcribed Image Text:Question 1 Q1=10-0.6P1 - 0.1P2 +0.005Y, where P₁ = 50, P2 = 20 and Y = 10000. Find: 1.1 Q1 1.2 Price elasticity of demand of good 1 1.3 Cross elasticity of demand between good 1 and good 2 1.4 Income elasticity of demand of good 1
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