Let's say we have a function QA = 10 - 2PA + 4PB + 10INC Where QA is the quantity of good A PA is the price of good A PB is the price of good B INC in your income in 10s of thousands of dollars (e.g., if your income is $30,000 then INC = 3 ) and PA = 2 PB = 6 INC = 2 so that QA = 50 What is the cross price elasticity of Goods A and B

Let's say we have a function QA = 10 - 2PA + 4PB + 10INC Where QA is the quantity of good A PA is the price of good A PB is the price of good B INC in your income in 10s of thousands of dollars (e.g., if your income is $30,000 then INC = 3 ) and PA = 2 PB = 6 INC = 2 so that QA = 50 What is the cross price elasticity of Goods A and B

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section6.A: Indifference Curve Analysis

Problem 2SQP

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