Question 3 After a careful statistical analysis, the ABC Orop concludes the demand function for its product 0-500-BP +2P,-0.11 where is the greatedly kommanded of its product, P is the price of the product. Pris the price of its mals product, and his per capita disposable income in dollars). At present, P - $10. P. = $20 and I $6.00 What is the price elasticity of demand for the firm's product? . what is the income elasticity of demand for the firms product? what is the cross-price elasticity of demand between its product and its rival's product? what is the implicit assumption regarding the population in the market
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