The market demand for wheat is Q = 100 – 2p + 1pb, where pb is the pri
The market demand for wheat is Q = 100 – 2p + 1pb, where pb is the price of barley. If the price of wheat is $2 and the price of barley is $4, the cross-price elasticity of demand
A) equals (4/100).
B) equals (-2/100).
C) equals (-4/25).
D) cannot be calculated without more information.
ANSWER
A
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