Answered: Determine the cross elasticity of…

Determine the cross elasticity of demand, if the price of gasoline has risen from 10 rubles per liter to 15 rubles, and the demand for cars has fallen by 20%.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 13SQP

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Determine the cross elasticity of demand, if the price of gasoline has risen from 10 rubles per liter to 15 rubles, and the demand for cars has fallen by 20%.

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