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naanchLv1
13 Nov 2021
Assume the market demand for wheat may be written as Q = 45 - 2p + 0.3Y + 1pb, where Y refers to income and pb refers to the price of barley. Assuming that wheat and barley both sell for $1, and income is $20, calculate the price elasticity, cross price elasticity and income elasticity for wheat
Assume the market demand for wheat may be written as Q = 45 - 2p + 0.3Y + 1pb, where Y refers to income and pb refers to the price of barley. Assuming that wheat and barley both sell for $1, and income is $20, calculate the price elasticity, cross price elasticity and income elasticity for wheat
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shakeel.grdLv1
13 Nov 2021