Suppose a consumer's demand function is 
.
a.What's the general equation for the own-price elasticity of demand for this consumer?
b.What's the price elasticity of demand when p=25?
c.Suppose instead that the demand function is 
.How does the equation for own-price elasticity change?
d.Continue with the demand equation in (c).Suppose p=25.What's the cross-price elasticity for x?
e.Continuing with part (d), what's the cross-price elasticity when the price of y is equal to 50?
Definitions:
Equality
In accounting, the concept that the sum of debits must equal the sum of credits in a transaction.
Subsidiary Ledger
A detailed ledger that contains all the transaction details of a specific account, which is summarized in the general ledger.
Accounts Payable
Liabilities or money owed by a company to its creditors or suppliers for goods and services received but not yet paid for.
General Ledger
A comprehensive record of all financial transactions that occur within a company, organized by account.
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