Calculating relevant elasticities

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Reference no: EM131162970

Suppose demand function for good 1 is X1=(2m)/(P1+2P2). Calculating relevant elasticities answer the following questions. Show your calculation.

a. Is this good ordinary or Giffen?

b. Is this good normal or inferior?

c. What is the relationship between this good and good 2?

Reference no: EM131162970

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