Price elasticity-cross price elasticityiincome elasticity


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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Microeconomics: Price elasticity-cross price elasticityiincome elasticity
Reference No:- TGS063714

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