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Cross price elasticity and consumption

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Suppose the cross-price elasticity of demand between goods X and Y is -2. How much would the price of good Y have to change in order to change the consumption of good X by 10 percent?

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Cross price elasticity = % change in quantity demanded of good X / % change in ...

Solution Summary

Suppose the cross-price elasticity of demand between goods X and Y is -2. How much would the price of good Y have to change in order to change the consumption of good X by 10 percent?

$2.19