Calculate the following elasticities and classify good x according to the scales we've observed in class: The market situation is as follows: m =$100, Px = Py = $10 12 Px 1. X* = Py m a. Px 'x b. C. m Ex 2. X*_ ml Px 3 a. Px = ? b. gly = ? C. = ? d. What is the utility function that this demand function was derived from? e. Explain how the numbers you've calculated matches with your understanding of how this individuals preferences between X and the other good Y being considered. 3. X* = m Py + 2Px 2Px a. * = ? b. Py =? C. m =