Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 7P
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It's not -10 or 10
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Step 1
Own price elasticity of demand refers to the % change in the quantity demanded due to the % change in the price level. On the other hand, the cross price elasticity between two goods is the % change in the demand for one good due to the % change in the price of other good.
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