question archive In Music Ville, the price elasticity of demand for CD players is 1
In Music Ville, the price elasticity of demand for CD players is 1
Subject:EconomicsPrice: Bought3
In Music Ville, the price elasticity of demand for CD players is 1.3, the income elasticity of demand for CD players is 0.4, and the cross elasticity of demand for CD players with respect to MP3's is 0.1. If incomes in Music Ville increase by 15% with no change in the price of a CD player, will the number of CD players increase or decrease, and by what percent?
