Pam is rich and at this high income level, her demand for good X is independent of income and given by X*=40.9-4 px/py where px and py denote respectively the price of good X and the price of good Y. Find the cross-price elasticity of Pam's demand for good X and enter below its value at the point where px = 5 and py= 5.

Pam is rich and at this high income level, her demand for good X is independent of income and given by X*=40.9-4 px/py where px and py denote respectively the price of good X and the price of good Y. Find the cross-price elasticity of Pam's demand for good X and enter below its value at the point where px = 5 and py= 5.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 8QFR

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