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Question 3.Assume the demand function is QD 201-0.1Ps/0.04PrI,where Qp is

By December 6, 2021No Comments

Question 3.Assume the demand function is QD 201-0.1Ps/0.04PrI,where Qp isthe quantity of shirts demanded,Ps is the price of shirts,Pr is the price of ties and I is theincome.Calculate the own-price,income,and cross-price elasticities of demand for themarket.Interpret your results.

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