What is the income elasticity of demand of good

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The utility function of a consumer is u(x, y) = x^0.5 + y^0.5. What are the demand functions of good x and good y(that is, we derive the demand function from the maximization of the utility function). What is the price elasticity of demand of good y(i.e., what is ey,py ). What is the income elasticity of demand of good y(i.e., what is ey,I ). What is the cross-price elasticity of demand of good y(i.e., what is ey,px).

Reference no: EM13817995

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What is the income elasticity of demand of good : The utility function of a consumer is u(x, y) = x0.5 + y0.5. What are the demand functions of good x and good y(that is, we derive the demand function from the maximization of the utility function). What is the price elasticity of demand of good y(i...

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