Find elasticity nd evaluate numerically at equilibrium value

Reference no: EM13221198

The market supply and demand function for good X are shown below: X^s=S(P,W)=30P-W X^d=D(P,Y) =6Y/P Where p=price, x=quantity, W= labor cost, y= consumer total income. Find elasticity n(P*,Y) and evaluate it numerically at the equilibrium values above. Is good X normal or inferior?

Reference no: EM13221198

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