What is the own price elasticity of demand

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Question: Suppose the demand function is given by ???? = 8??-0.5 ??0.25??0.12?? , where ?? is the ?????????? price of X, ?? is the price of good Y, M is income, and ?? is the amount of advertising on X. ???? a) What is the own price elasticity of demand? b) What is the income elasticity of demand? c) What is the cross-price elasticity of demand between X and Y? d) Is good X a normal or inferior good? Explain.

Reference no: EM133425557

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