Question
Rachel from has preferences u = x^1/2+ y^1/2. Evaluate her own-price elasticity, income elasticity and Hicksian compensated own-price elasticity for Good X at m =
Rachel from has preferences u = x^1/2+ y^1/2. Evaluate her own-price elasticity, income elasticity and Hicksian compensated own-price elasticity for Good X at m = 16, pX= 1 and pY= 3. Own-price elasticity = __________. Income elasticity = __________. Compensated own-price elasticity = __________
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Microeconomics
Authors: David Besanko, Ronald Braeutigam
5th edition
1118572270, 978-1118799062, 1118799062, 978-1118572276
