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Define and explain each of the terms and provide an example of each using a minimum of 50 words

4 Points -Description of the term (in your own words)
4 Points - Integration of example (50 words minimum for each term)

1) Unitary Price Elasticity

2) Perfect Price Inelasticity

3) Cross Elasticity of Demand

4) Income Elasticity

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Suppose the demand function is Qd/x = 10,000 - 2Px + 3Py - 4.5M where Px = $100, Py =$50, and M = $2000. Determine the following elasticities and explain whether the respective elasticity is elastic, inelastic, or unitary:

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2. Cross price elasticity with good Y.

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