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The Following Table Gives the Current Price, Quantity, and Price

Question 132

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The following table gives the current price, quantity, and price elasticities of the linear demand curves for pencils, paper and scissors. The columns Erc under the Price Elasticities heading are calculated as Erc = ( The following table gives the current price, quantity, and price elasticities of the linear demand curves for pencils, paper and scissors. The columns E<sub>rc</sub> under the Price Elasticities heading are calculated as E<sub>rc</sub> = ( ) . The terms r and c refer to the row of the table and the column under the price elasticities heading, respectively. For example, if r is one and c is two, the value E<sub>12</sub> is the responsiveness of pencil demand to changes in the paper price (i.e., a cross-price elasticity). The demand curves for each good are in the form Q<sub>r</sub> = a<sub>r</sub> + b<sub>r</sub>P<sub>1</sub> + c<sub>r</sub>P<sub>2</sub> + d<sub>r</sub>P<sub>3</sub> . Using the information in the table, derive the demand curve for each good.
) The following table gives the current price, quantity, and price elasticities of the linear demand curves for pencils, paper and scissors. The columns E<sub>rc</sub> under the Price Elasticities heading are calculated as E<sub>rc</sub> = ( ) . The terms r and c refer to the row of the table and the column under the price elasticities heading, respectively. For example, if r is one and c is two, the value E<sub>12</sub> is the responsiveness of pencil demand to changes in the paper price (i.e., a cross-price elasticity). The demand curves for each good are in the form Q<sub>r</sub> = a<sub>r</sub> + b<sub>r</sub>P<sub>1</sub> + c<sub>r</sub>P<sub>2</sub> + d<sub>r</sub>P<sub>3</sub> . Using the information in the table, derive the demand curve for each good.
. The terms r and c refer to the row of the table and the column under the price elasticities heading, respectively. For example, if r is one and c is two, the value E12 is the responsiveness of pencil demand to changes in the paper price (i.e., a cross-price elasticity). The demand curves for each good are in the form Qr = ar + brP1 + crP2 + drP3 . Using the information in the table, derive the demand curve for each good.
The following table gives the current price, quantity, and price elasticities of the linear demand curves for pencils, paper and scissors. The columns E<sub>rc</sub> under the Price Elasticities heading are calculated as E<sub>rc</sub> = ( ) . The terms r and c refer to the row of the table and the column under the price elasticities heading, respectively. For example, if r is one and c is two, the value E<sub>12</sub> is the responsiveness of pencil demand to changes in the paper price (i.e., a cross-price elasticity). The demand curves for each good are in the form Q<sub>r</sub> = a<sub>r</sub> + b<sub>r</sub>P<sub>1</sub> + c<sub>r</sub>P<sub>2</sub> + d<sub>r</sub>P<sub>3</sub> . Using the information in the table, derive the demand curve for each good.

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