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Suppose it is known that C 6X =0.2 8P), Y*ai=0.1 61 X*6Y=0.15 61 (a). Explain whether XlS gross substitute or complement of y Why? (b).
Suppose it is known that C 6X =0.2 8P), Y*ai=0.1 61 X*6Y=0.15 61 (a). Explain whether XlS gross substitute or complement of y Why? (b). Explain whether Xis a net substitute or complement of y. Why? (c). Explain whether XlS a normal or inferior good. Why? 6'? (d). What is the value of aPX
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