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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.?

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Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789