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If Q1=(P2)⅔ 1. Determine the demand for good 1, when the price of good 2 is 8 2. Find the cross elasticity of demand for good 1, with respect to P2, when P2=2

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closed as off-topic by Herr K., Giskard, emeryville, Maarten Punt, Adam Bailey May 23 '18 at 10:59

This question appears to be off-topic. The users who voted to close gave this specific reason:

  • "This question does not meet the standards for homework questions as spelled out in the relevant meta posts. For more information, see our policy on homework question and the general FAQ." – Herr K., Giskard, emeryville, Maarten Punt, Adam Bailey

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  1. $P_2 = 8$, so $Q_1= 8^{2/3}=4$
  2. To find the cross price elasticity, differentiate demand for good 1 with respect to $P_2$: $\frac{dQ_1}{dP_2}=\frac{2}{3}P_2^{-1/3}$ When $P_2=2$, cross price elasticity is $\frac{2}{3}(2)^{-1/3}$

Hope you did post a question here after really thinking it through.

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