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Calculate the cross price elasticity

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Reference no: EM132229496

State the cross price elasticity (of demand). Suppose the good X is 5 that is increased by 5%. As a consequence, the demand of another good Y decrease by 20%. Calculate the cross price elasticity for the other good Y. Is the other good is a substitute good or a complimentary good to the first one?

Reference no: EM132229496

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