Calculate an approximate cross cost elasticity of demand

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Reference no: EM1367462

Q. Px=2, Py=3, I=300

Calculate income elasticity of demand for both X and Y at that point.

Calculate an approximate cross cost elasticity of demand for Y when Px changes from 5 to 6.

Note this is an 20% increase in cost of X.

Reference no: EM1367462

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