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What is the price elasticity of demand

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Question - Suppose the demand curve for a product is given by Q = 19 - 1P + 2Ps Where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.40. Suppose P = 0.60. What is the price elasticity of demand? What is the cross price elasticity of demand? Suppose the price of the good, P, goes to $2.50. Now what is the price elasticity of demand? What is the cross-price elasticity of demand?

Reference no: EM132131324

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