Problem
Suppose the demand curve for a product is given by Q = 11 - 2P + 3Ps Where P is the price of the product and Ps is the price of a substitue good. The price of the substitute good is $2.80. Suppose P = 1.20. what is the price elasticity of demand? What is the cross price elasticity of demand?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.