Describe the elasticity of y with respect to income

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1- For the utility function U(x,y) = 8 ln(x) + 2y a price of X equal to $1 and a price of Y equal to $1, what is the elasticity of Y with respect to income?

2- Using your answer from part 9 (or whatever you think the correct answer was), how would you describe the elasticity of Y with respect to income?

Reference no: EM13898299

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