1 bi. If the demand law is given by x=20/(p+1), find Elasticity of demand with respect to price at the point when p = 3. ii. The demand x as a function of income y is given by 30x = 10+2y. Obtain the expression for the income elasticity of demand and its value when y = 250.

Suppose the Constant Elasticity demand function is Q = K ×p15 × p24 × I7. Calculate the own price, cross prices and income elasticity of demand.

How to calculate price elasticities for demand for rice and coffee at P=6, respectively.   (1) P=12-2Q for coffee (2) P=12-3Q for rice

Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income - $10,000) $8 40 DVDs 10 32 12 24 14 16 16 B Quantity Demanded I (income-$12,000) 50 DVDs 45 30 20 12 a. Use the midpoint method to calculate your price elasticity of demand as the price of DVDs increases from $12 to $16 if (i) your income is $10,000 and (ii) your income is $12,000. b. Calculate your income elasticity of demand as your income increases from $10,000 to $12,000 if (i) the price is $10 and (ii) the price is $14. c. Is the DVDs normal good or inferior good?