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Find the income elasticity of demand

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Reference no: EM131228949

John's utility function is U(X,Y) = min{3X,4Y}. His income is denoted by I and the prices by PXand PY.

a) Find the Marshalian (uncompensated) demands for X and Y.

b) Find the income elasticity of demand for X and Y.

Reference no: EM131228949

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