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08-07-2024
Business

Answered

Given the following demand curve for X:

QᴰX = I² / (PX + PY)³

Which of the following is true?
a. The own-price elasticity of demand for X is constant.
b. The income elasticity of demand for X is constant.
c. X is an inferior good.
d. The cross-price elasticity of demand for X with respect to PY is constant.

Answer :

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