68 233
Assignments Done
99%
Successfully Done
In November 2018

Answer to Question #53513 in Microeconomics for Arpit Bapna

Question #53513
The price elasticity of demand for good X is known to be twice that of good Y. Price of X falls by 5%. Find the % change in X & Y quantities.
Expert's answer
If the price elasticity of demand for good X is known to be twice that of good Y and the price of X falls by 5%, then the quantity of good X will rise by 5%*EdX and the quantity of good Y will rise by 5%*0.5*EdX.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions