1- for the utility function uxy 8 lnx 2y a price of x, Ask an Expert

Economics

1- For the utility function U(x,y) = 8 ln(x) + 2y a price of X equal to $1 and a price of Y equal to $1, what is the elasticity of Y with respect to income?

2- Using your answer from part 9 (or whatever you think the correct answer was), how would you describe the elasticity of Y with respect to income?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91572304

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