1⁰.72po (P₁+3)0.4PaPoprice of oranges, and I is Judy's income. Suppose I = 100, pa = 2, po = 1. Find the own priceelasticity of demand for oranges.Judy's Marshallian demand for oranges is€x, Px€x,pxO None of themEx,Px-Ex,px--1=-2-1.5= -0.3where pa is the price of apples, po is thePa

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Judy's Marshallian demand for oranges is 10.7 2po (Pa+3)0.4 = price of oranges, and I is Judy's income. Suppose I elasticity of demand for oranges. €x,px None of them €x,Pr €x,Pr -1 €x,px -2 = -1.5 -0.3 where Pa is the price of apples, po is the = 2, po = 1. Find the own price 100, Pa

Judy's Marshallian demand for oranges is 10.7 2po (Pa+3)0.4 = price of oranges, and I is Judy's income. Suppose I elasticity of demand for oranges. €x,px None of them €x,Pr €x,Pr -1 €x,px -2 = -1.5 -0.3 where Pa is the price of apples, po is the = 2, po = 1. Find the own price 100, Pa

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section3.1: What Is Demand

Problem 1ST

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Question

1⁰.7
2po (P₁+3)0.4
Pa
Po
price of oranges, and I is Judy's income. Suppose I = 100, pa = 2, po = 1. Find the own price
elasticity of demand for oranges.
Judy's Marshallian demand for oranges is
€x, Px
€x,px
O None of them
Ex,Px
-
Ex,px
-
-1
=
-2
-1.5
= -0.3
where pa is the price of apples, po is the
Pa

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