Assume that demand for good x is a function of its price px, Business Economics

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Assume that demand for good x is a function of its price px

Assume that demand for good X is a function of its price (PX), the price of good Y (PY), and Income (M) as follows: QX = {(M + PY)/(2PX)} - 1 Given the following values for these variables: PX = 2; PY = 5; M = 51 (a) Calculate the (own) price elasticity εXX (b) Calculate the cross price elasticity εXY (c) Calculate the income elasticity εXM

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Business Economics: Assume that demand for good x is a function of its price px

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