# Calculating own price and cross price elasticity values

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The demand function for kingston's product is given by

logQ = 2.01 -0.148LogP + 0.25Log Z

Q = the quantity demanded (in tons) of its product, P = the price ( in dollars per ton), and Z = the price(in dollars of a rival product

a. Calculate the price elastic of demand

b. Calculate the cross elasticity of demand between kingston's product and the rival product.

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##### Solution Summary

Solution describes the steps to calculate own price elasticity and cross price elasticity in the given case.

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a. Calculate the price elastic of demand

logQ = 2.01 -0.148LogP + 0.25Log Z

Differentiating both sides with respect to P, we ...

###### Education

- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India

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