the dixie darling companymakes the famous southern belle bridal doll that is sold in L mart stores. sales of their product q1 can be described by the demand function:q1=100p1^-0.6 p2^0.4 √ywhere p1 is the price of the doll, p2 the price of their competitor the sweet rose doll and y is the level of income.a) find the three partial derivatives AND sign them, use economic theory of demand to interpret these derivatives.b) classify the elasticity of demand values for the three variables P1, P2, and Y when p1=6.5, p2=5.85 and y= 40.
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11 may 2012
Thanks. I will try to reply much before due time. Kindly forward if you have some reference document related to this question.akch200241039.322783912
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