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Calculate own price elasticity and cross price elasticity

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Suppose the market supply function is Qs = 1.2P2 - 0.5PE - 10PL, where PE and PL are price of energy and labor, respectively. Calculate the own price elasticity and cross price elasticity of energy and labor if P = 20, PE = 70, and PL = 40.

Reference no: EM13877346

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