22 Jul HOW WOULD MULTIPLYING A POSITIVE CONSTANT TO A LINEAR DEMAND FUNCTION AFFECT ITS OWN-PRICE ELASTICITY OF DEMAND?
How would multiplying a positive constant to a linear demand function affect its own-price elast Show more How would multiplying a positive constant to a linear demand function affect its own-price elasticity of demand? In particular how would the elasticity of demand of (Q_{x}=a+bP_{x}+cP_{y}+dI) at a point compare with the elasticity of demand of the function (R_{x}=kQ_{x}=ka+kbP_{x}+kcP_{y}+kdI) hat is evaluated at the same point and k is any positive constant? The cross-price elasticity of x with respect to Py is different at every point along a linear demand curve. Does this mean that x and y are gross substitutes in one region of the demand curve and gross complements in another region? Use the linear demand function in part 2(a) above to prove your answer. Show less
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