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06-06-2023
Business

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Econ Phones Co. economists look at historical data to determine the cross price elasticity of demand between the price of the Econ Phones Co. smartphone and the quantity demanded for Econ Co. tablet. They find the cross-price elasticity of demand is a positive 1.5. Show all work and calculations. a. What does the sign of the coefficient (positive or negative) for the cross price elasticity of demand suggest (type of relationship relevant to cross price elasticity)? b. If the Econ smartphone decreases it price from $600 to $550, by what percent should quantity demanded for Econ Co. tablet change? c. Does quantity demanded go up or down (for the Econ Co. tablet)?

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