Solved: Cross elasticity of demand-kingstons and rival product, Microeconomics

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Cross elasticity of demand-kingstons and rival product

Question: The demand function for kingston's product is given by

logQ = 2.01 -0.148LogP + 0.25Log Z

Q = the quantity demanded (in tons) of its product, P = the price ( in dollars per ton), and Z = the price(in dollars of a rival product

a. Calculate the price elastic of demand

b. Calculate the cross elasticity of demand between kingston's product and the rival product.

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Microeconomics: Cross elasticity of demand-kingstons and rival product

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Microeconomics: Cross elasticity of demand-kingstons and rival product

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