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Suppose Beth has a utility function

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2. Suppose Beth has a utility function U(x,y,) = (x^(1/3))(y^(2/3)).;a. Find the income elasticity of demand for x. Find the income elasticity of;demand for y.;b. What is the elasticity of demand for x with respect to the price of x? What;is the elasticity of demand for x with respect to the price of y?;c. Find the compensated elasticity of demand for x with respect to px.

 

Paper#29300 | Written in 18-Jul-2015

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