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QUESTION

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

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