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Suppose the demand curve for commodity X is given by: X = 25 p x -1/2 p y 1/3 I 3/4 Where p x is the price of x, p y = price of Y, and I = income.
Suppose the demand curve for commodity X is given by:
X = 25 px-1/2py1/3I3/4
Where px is the price of x, py = price of Y, and I = income.
a) Find the own-price elasticity of demand for X,
b) The cross price elasticity of demand for X with respect to the price of Y,
c) The income elasticity of demand for X