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Cross price elasticity of demand measures

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Reference no: EM132267211

a). Suppose the price elasticity coefficients of demand are 0.43,1.23,1.62, and 0.15 for products W,X,Y, and Z respectively. A 1 percent decrease in price will result in an increase in total revenue in the case(s) of products_____.

b). The cross price elasticity of demand measures how sensitive the demand for a given product are to changes in____.

c). If a product is said to be a normal good, the value of the ____ elasticity of demand coefficient is___.

d). For the price elasticity of supply to be elastic the value of the elasticity is______?

Reference no: EM132267211

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