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Computing the Cross-Price Elasticity of Demand
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Consumer buys 10 units of Good A when the price of Good B is $5. When the price of Good B rises to $6 (the price of Good A remaining unchanged), the consumer buys 14 units of Good A.
Part A (6 MARKS)
Using an appropriate formula, calculate this consumer’s cross elasticity of demand for Good A. Show your working.
Part B (4 MARKS)
Is Good A a substitute for, or a complement to, Good B? Explain your reasoning.
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[Solved] Computing the Cross-Price Elasticity of Demand
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- Submitted On 28 Aug, 2021 11:55:18
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