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The Demand for Good X Has Been Estimated by Qxd

Question 70

Multiple Choice

The demand for good X has been estimated by Qxd = 6 − 2Px + 5Py.Suppose that good X sells at $3 per unit and good Y sells for $2 per unit.Calculate the own price elasticity.


A) −0.3
B) −0.4
C) −0.5
D) −0.6

Correct Answer:

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