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QUESTION
Consider the demand for product A given by QA (PA,PB,Y) = 120 - 2pApB - 3p(^2)B + 0.005 Y where pA is the unit price of A, pB the unit price of...
Consider the demand for product A given by QA (PA,PB,Y) = 120 - 2pApB - 3p(^2)B + 0.005 Y where pA is the unit price of A, pB the unit price of another product B, and Y the income.
Use elasticities to determine: (a) whether the demand for A is elastic or inelastic; (b) whether A is a normal or inferior good; (c) the type of product B is in relation to A.
