Answer to Question #51471 in Microeconomics for William Waso WWasonga Omole
Where Qy is the quantity demanded of good Y, Py is the price of good Y, I is the income of the consumer, Px, Pw and Pz are the prices of good X, W and Z respectively. Py = 100, Pw = 300, Pz = 400, Px =100 and M = 40,000. Compute
1. income elasticity of demand
2. own-price elasticity of demand
3. three cross-price elasticity of demand.
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