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5. Assume that there are two goods X and Y, and consumers spend all their income on the goods. (at) Prove that the uncommsated market
5. Assume that there are two goods X and Y, and consumers spend all their income on the goods. (at) Prove that the uncommsated market demand curve of impulsive consumers is downward sloping. Calculate the price elasticity of demand. Is it price elastic or inelastic? Does the result make sense? (b) Suppose the price of X is doubled and consumers are inert in the sense that they.r will try to keep the consumption of X unchanged whenever possible. Prove that the uncompsated market demand curve of X for these inert consumers is downward sloping. Calculate the price elasticity of demand. Is it price elastic or inelastic? Does the result make sense
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