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  4. The demand functions for two commodities A and B are given as: QA= 96-2PA-3B QB=...

The demand functions for two commodities A and B are given as: QA= 96-2PA-3B QB=...

The demand functions for two commodities A and B are given as:
QA= 96-2PA-3B
QB= 30-25PA 0.32Y
where PA and PB are prices of commodities A and B, and Y is Consumers income.
If PA=2, PB=4, and Y=1000
Calculate: 1. The price elasticity of demand for commodity A.
2. The income elasticity of demand for commodity B.?
In Economics
1 Answers Available
Asked by Confidence on 12th March, 2024
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995