Question

The demand for gluten-free pasta is 𝒒𝒅 = 𝟓 + 𝟐𝒆−𝟐𝒑𝒛 + 𝟒√𝒚𝟑 + 𝟑 𝐥𝐧 𝒑−𝟑. Find and interpret the following partial demand elasticities (at 𝒑 = 𝟑, 𝒑𝒛 = 𝟐, 𝒚 = 𝟒):

a. Price elasticity of demand (𝒆𝒑). [2]

b. Cross-price elasticity of demand (𝒆𝒑𝒛 ). [2]

c. Income elasticity of demand (𝒆𝒚). [2]

Answer 1

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