The given is natural logarithmic function, Ask an Expert

Economics

The given is natural logarithmic function. Ln(Q)=-0.23-0.34ln(P)+0.45ln(P2)+1.33ln(I)

Hint: Ln y= x ln a

(d/dx)ln y=(d/dx)x ln a= ln a (d/dx)x = ln a(1)= ln a

Where: P is price of raspberries P2 is price of blackberry I is income Q is quantity

a. What is the price elasticity of demand for raspberries?

b. What is income elasticity of demand?

c. What is cross-price elasticity of demand?

d. Is demand elastic for each good (raspberries, blackberry, and income)? Why? Please, explain.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91570631

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