Calculate the price and income elasticities for the following demand functions. (a) x(p,m) = m/2p (b) x(p,m) = m-10/p . (Consider only the case m…

1. Calculate the price and income elasticities for the following demand functions.

(a) x(p,m) = m/2p

(b) x(p,m) = m-10/p . (Consider only the case m > 10.)

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