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Cross-elasticity of demand

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1. Suppose Acme corporation sells a gadget and acquires a firm producing another gadget. The cross-elasticity of demand between the 2 gadgets is +1.94. Should the firm increase or decrease the prices of its now two products? Why?

2. Recall the kind of year football had this season, with half empty stadia for most of the games. What would be the ideal price for a football ticket at the gate of the stadium in such a situation? Why?

Reference no: EM131902628

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