The demand for good X has been estimated by QX d =12 – 3PX + 4PY. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity.
Note
The demand for good X has been estimated by QX d =12 - 3PX + 4PY. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Elasticity price is -0.3.