Py A consumer's Marshallian demand for y is given by gy (Pa, Py, I) = -3. The price of good y is py = 4 and the consumer's income is I = 15. What is ey,py, the consumer's own price elasticity of demand for y? (a) -15 (b) -5 (c) -5/12 (d) -1 (e) -15/16

Py A consumer's Marshallian demand for y is given by gy (Pa, Py, I) = -3. The price of good y is py = 4 and the consumer's income is I = 15. What is ey,py, the consumer's own price elasticity of demand for y? (a) -15 (b) -5 (c) -5/12 (d) -1 (e) -15/16

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 18SQ

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Question

I
A consumer's Marshallian demand for y is given by gy(Pa, Py, I) = —— 3. The price of
Py
=
good y is py
4 and the consumer's income is I = 15. What is ey,py, the consumer's
own price elasticity of demand for y?
(a) −15
(b) -5
(c) -5/12
(d) −1
(e) -15/16

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