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NOTE: This is a return question. The previous given was vague. I need working examples for parts ( ii ) , ( iii ) and
NOTE: This is a return question. The previous given was vague. I need working examples for parts iiiii and iv of Question a only.
Consider the following demand system for the meat sector.
Table Elasticities and budget shares for the meat demand system
where the index meats, dairy, cereal; In Qi and In Pi are natural logs of
quantity per capita and price of commodity respectively; In is natural log of per capita
income; and wi is budget share for commodity
a Give the formula for each of the following properties and show whether or
not it holds for the above system
i Engel aggregation
ii Cournot aggregation
iii. Symmetry for meats and cereal
iv Homogeneity
b Specify the number of equations that you need to write in order to check
each of the properties in a
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