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own-price elasticity / cross-priced elasticity / income elasticity for demand Consider the following (inverse) demand functions for a good x, where I denotes income and

own-price elasticity / cross-priced elasticity / income elasticity for demand

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Consider the following (inverse) demand functions for a good x, where I denotes income and y is another substitute good: (a) pa; : oz + 593, | \"my + (SI and (b) 10x : aqugI's. (Assume B 0,6 > O) 1. (8 points) Derive the expression of the own-price elasticity for each demand. For each, when the consumption of a: rises, is the consumer more / less/ equally elastic? 2. (8 points) Derive the expression of the crossprice elasticity for each demand. For each, when the price of y rises, is the consumer more/ less / equally elastic? 3. (8 points) Derive the expression of the income elasticity for each demand. For each, when the income I rises, is the consumer more / less / equally elastic

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