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In Qx = 3-0.5 in Px - 2.5 In Py + lnM + 2lnA
ln being natural log
Where
Px = $10Py = $4M = $20,000A - $250
a) Determine the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic
b) Determine the cross price elasticity of demand between good X and good Y and state whether these two goods are substitutes or compliments
c) Determine the income elasticity of demand state whether good X is normal or inferior
d) Determine the own advertising elasticity of demand
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