Derive the demand for x for a person with income (I) and Utility=min(x,y) with budget constraint I=pxX+pyY.
Find the own price elasticity of demand for x and the income elasticity of demand for x.
Sample Solution
Derive the demand for x for a person with income (I) and Utility=min(x,y) with budget constraint I=pxX+pyY.
Find the own price elasticity of demand for x and the income elasticity of demand for x.
Sample Solution