Calculate the following elasticities and classify good x according to the scales we've observed in class: The market situation is as follows: m Px Py $100, $10 1. 12 * Px X Py m a. ? Px x b. ? Py x c. ? m x 2. 1 * 3 m X Px a. ? Px x b. ? Py x c. ? m x d. Give a specific example of a utility function from which this demand function may be derived. e. Explain part b. now that you've defined the utility function in part d. 3. 1 * 2 2 2 m Py X Px Px a. ? Px x b. ? Py x c. ? m x 4