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Calculate the own price elasticity of demand

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Reference no: EM131077217

SupposeQxd =10,000-2Px +3Py -4.5M,wherePx =$100,Py =$50,andM=$2,000.

  • Calculate the own price elasticity of demand and interpret your answer.
  • Calculate the cross price elasticity and interpret your answer.
  • Calculate the income elasticity and interpret your answer.

Reference no: EM131077217

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