The Demand for Company X's Product Is Given by Q_x

question 55

Essay

The demand for company X's product is given by Q_x = 12 - 3P_x + 4P_y.Suppose good X sells for $3.00 per unit and good Y sells for $1.50 per unit.
a.Calculate the cross-price elasticity of demand between goods X and Y at the given prices.
b.Are goods X and Y substitutes or complements?
c.What is the own price elasticity of demand at these prices?
d.How would your answers to parts a and c change if the price of X dropped to $2.50 per unit?

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