Scenario 5-3
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Suppose the Demand Function for Good X $$Q _ { d x } = 15 - 0.5 P _ { x } - 0.8 P _ { y }$$

question 202

Short Answer

Scenario 5-3
​
Suppose the demand function for good X is given by:
$$Q _ { d x } = 15 - 0.5 P _ { x } - 0.8 P _ { y }$$ where
$$Q _ { d x }$$ is the quantity demanded of good X,
$$P _ { x }$$ is the price of good X, and
$$P _ { y }$$ is the price of good Y, which is related to good X.
-Refer to Scenario 5-2. Using the midpoint method, if the price of good X is $10 and the price of good Y increases from $8 to $10, the cross price elasticity of demand is about

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