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Write the reduced form equation

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Reference no: EM132443677

The demand for coal in the international market is given by the equation:

Qc = 100 - 8Pc - 0.5Pz

Where Pc is the price of coal, and

Pz = $12 is the price of related resource.

a. Write the reduced form equation.

b. Calculate the elasticity of dmand when the price of coal is Pc = $7.

c. What is the cross-price elasticity of demand of coal and the related resource?

d. Are the two substitutes or complements?

Reference no: EM132443677

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