Determine the four partial elasticities of demand, Microeconomics

The demand functions for two related commodities are expressed as follows   

Q1 = (12P23/4) / (P11/2)

Q2 = (24P12) / (P23/5)

Where Q1 and Q2 are demands while P1 and P2 are prices of goods 1 and 2 respectively.

Determine the four partial elasticities of demand and comment on the relationship between the two commodities.

 

Posted Date: 3/8/2013 5:49:27 AM | Location : United States







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