Effects necessary to produce these elasticity measures

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Suppose the Marshallian own price elasticity of demand for soda pop is -1.3 and the Hicksian own price elasticity of demand for soda pop is -0.9. Use indifference curves and budget constraint analysis to illustrate the income and substitution effects necessary to produce these elasticity measures. From this, is soda pop a normal or inferior good? Explain.

Suppose the Marshallian own price elasticity of demand for canned vegetables is -0.2 and the Hicksian own price elasticity of demand for canned vegetables is -0.8. Use indifference curves and budget constraint analysis to illustrate the income and substitution effects necessary to produce these elasticity measures. From this, are canned vegetables a normal or inferior good? Explain.

Reference no: EM131244524

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