When the price of A increase by 30%, the consumption of the good decreased by 10%, what is the price elastic of demand? Will the total revenue of selling the good increase or decrease when the price of good A increase? When the price of A increase by 10%, the consumption of the good B increases by 20%, what is the cross-price elasticity of demand of B with the change of price of A?

When the price of A increase by 30%, the consumption of the good decreased by 10%, what is the price elastic of demand? Will the total revenue of selling the good increase or decrease when the price of good A increase? When the price of A increase by 10%, the consumption of the good B increases by 20%, what is the cross-price elasticity of demand of B with the change of price of A?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q8
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