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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.
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composite supply v/s joint supply
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