Price elasticity of demand for GM cars is -2.0 Cross-price elasticity between GM cars and those of

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Price elasticity of demand for GM cars is -2.0 Cross-price elasticity between GM cars and those of its competitors is +0.5 Cross-price elasticity between GM cars and gasoline is -0.3
A.Income elasticity of demand for GM cars is +1.6 B. The price of competitors cars are due to rise by 8%
C. Consumer income rises by 2%
D. The price of gasoline is due to fall by 20%
E. The net effect to demand
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Economics

ISBN: ?978-0073511290

19th edition

Authors: Paul A. Samuelson, William Nordhaus

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