Re: Daily question

Posted by Khushboo on Feb 28, 2009; 5:43pm
URL: http://discussion-forum.276.s1.nabble.com/Daily-question-tp2328964p2401460.html

1- Income consumption curve for two goods x and y has equation y=2x. What will be the income elasticities for x and y?

 Income elasticity for x is 1 and Income elasticity for Y is also be 1.


2- The equilibrium quantity and price in the market is 6 and Rs 8.


3- utility function that would represent Laxmi’s preference pattern is:
    u( R,C,P ) = RC + RP + R