Answered: 40- : If the quantity demanded…

40- : If the quantity demanded increases by 10% when the price of good X decreases by 5%, what is the elasticity of demand for good X? a) 2nd B) 10 NS) one D) 0.5 TO) 0

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 22RQ: What is the formula for line cross-price elasticity of demand?

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40-

: If the quantity demanded increases by 10% when the price of good X decreases by 5%, what is the elasticity of demand for good X?

2nd

NS)

one

0.5

TO)

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