What is cross elasticity of demand between two brands

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Q. Both Smith Co and Jones Inc. sell widgets. Smith Co's sales last month equalled 1000 and it charged a price of $2. This month Jones Inc. reduced price it sells its brand of widgets from $2.10 to $2 and Smith Co saw a reduction in quantity of widgets is sold, down to 900 units. What is cross elasticity of demand between two brands of widgets? Using midpoint method

Reference no: EM1369628

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