You have the following information for your product: The price elasticity of demand is -0.9.
Question:
• The price elasticity of demand is -0.9.
• The income elasticity of demand is 0.5.
• The cross-price elasticity of demand between your good and a related good is 2.0.
What can you determine about consumer demand for your product from this information?
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Step by Step Answer:
Demand is inelastic and thus revenues will rise if you increase the price and fall ...View the full answer
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