What is cross-priceelasticity? Explain why the results of calculatingcross-priceelasticity can be useful in determining product relationships. In your explanation, contrast the different numerical values of cross-priceelasticityand what each value indicates.

A company has the following demand function for its product.
Q=40,000-200P+500I+100Px
Where P is the price of the firm's product, I is household disposable income in thousands of $, and Px is the price of a competitor's product.
The firm charges a price of $ 100 per unit.
Estimated household income = $ 50. (in thousan

Suppose the demand function is Qxd = 100 − 5Px + 2Py - M. If Px = $4, Py = $2, and M = $50, what is the cross-priceelasticity of good x with respect to the price of good y?

The demand for company X 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-priceelasticity of demand between goods X and Y at the given prices.
b. Are goods X and Y substitutes or complements?
c. What is the ownprice elastici

A manufacturer has estimated that the demand for its product as
Qx = 500 - 2Px + .5I + .65Pz - 1.8Py
where Qx is the quantity demand, Px is the price, I is average annual income (currently $14,000). Pz and Py are the prices of related goods. Total costs are given by TC = 3,500,000 + 500Q
Suppose that PZ= $300

Sir/ma'am,
I am having a hard time understanding how to solve the following two quantitative problems. I am supposed to be able to solve for this problem given any set of values. Please feel free to make those up. I am just hoping to understand how to solve this problem if and when it comes up.
See attachment.
Thanks

You are the specific-area sales manager for a national company that provides, among other things, cable television service. Using monthly data for the number of subscriptions, prices, incomes, andprices of related goods for two full years (i.e., 24 months), you estimate demand for your company's high-definition television (HDTV

For each of the following cases, calculate the arc priceelasticity of demand, and state whether demand is elastic, inelastic, or unit elastic.
a. When the price of milk increases from $2.25 to $2.50 per gallon, the quantity demanded falls from 100 gallons to 90 gallons.
b. When the price of paperback books falls from $7.0