16. Given the demand function of a certain commodity as: Qd = Y/P where: Y: the income and P: the price of commodity 1. Find the price elasticity of demand when the P = 50 and Y = 1200 %3D %3D 2. Find...


16. Given the demand function of a certain<br>commodity as:<br>Qd = Y/P<br>where: Y: the income and P: the price of<br>commodity<br>1. Find the price elasticity of demand when<br>the P = 50 and Y = 1200<br>%3D<br>%3D<br>2. Find the income elasticity of demand when<br>the P = 60 and Y = 2400<br>%3D<br>

Extracted text: 16. Given the demand function of a certain commodity as: Qd = Y/P where: Y: the income and P: the price of commodity 1. Find the price elasticity of demand when the P = 50 and Y = 1200 %3D %3D 2. Find the income elasticity of demand when the P = 60 and Y = 2400 %3D

Jun 11, 2022
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