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Economic interpretation of the income elasticity of beef

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Reference no: EM132526580

1. Find the total derivative dy/ dw and dz/ dy for the functions:

(a). y = f(x;w) = 3x2 - w2 and x = 2w2 + w + 4

(b). z = f(x; y) = 5x2 + xy - y2 and x = g(y) = 3y2

2. Given the demand for beef Qb = 4850 - 5Pb + 1.5Pp + 0.1Y

(a) Calculate the income elasticity of beef

(b) What is the income elasticity equal to if Y = 10000, Pb = 200 and the price of pork, Pp = 200?

(c) Given your answer for the price of beef, Pb = 200, above, give an economic interpretation of the income elasticity of beef.

(d) Calculate the cross-elasticity between pork and beef at the same time.

Reference no: EM132526580

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