Reply to Elasticity The demand for Penn’s oil motor oil can be characterized by the following point

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Reply to Elasticity

The demand for Penn’s oil motor oil can be characterized by
the following point elasticities: price elasticity=-25,cross-price elasticity
with Value Lean motor oil = 15,and income elasticity=075 Indicate whether
statement is true or false and explain your answer A 09%price reduction for
Penn’s Oil would be necessary to overcome the effects of a 3% decline in
income

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