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03-31-2008, 11:13 PM
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| Economics elasticity of demand question.? Q= f(Y,P,S)= .05Y+10P-(5S)squared Find the elasticity of demand in respect to income(Y) when Y=10,000, S=5, P=7. --do you plug these values in the partial derivative of Q? or just in the Q equation?? Find own-price elasticity of demand in respect to income when Y=10,000, S=5, P=7. What is the differences in finding own-price and cross-price elasticity in this example?      |
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