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To find both the price elasticity of demand and the cross elasticity of demand, we use the given demand function: $$ Q_d = 10 - 2P + P_s $$ Where: * $Q_d$ = Quantity demanded * $P$ = Price of the good (Rs. 10) * $P_s$ = Price of substitute good (Rs. 20) We are required to compute two types of elasticity: 1. Price elasticity of demand (Ep) 2. Cross elasticity of demand (Ec) --- ### Step 1: Find the quantity demanded $Q_d$ Substitute the given values of $P$ and $P_s$ into the demand function: $$ Q_d = 10 - 2(10) + 20 = 10 - 20 + 20 = 10 $$ So, the quantity demanded at $P = 10$ and $P_s = 20$ is 10 units. --- ### Step 2: Understand the general formulas for elasticity #### Price Elasticity of Demand (Ep): $$ E_p = \frac{\partial Q_d}{\partial P} \cdot \frac{P}{Q_d} $$ This measures the responsiveness of quantity demanded to a change in the price of the good ___ ____ ________ _____ _________ _______.
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