Assume the market demand for wheat may be written as
Q = 45 - 2p + 0.3Y + 1p_b
where Y refers to income and p_b refers to the price of barley.Assuming that wheat and barley both sell for $1,and income is $20,calculate the price elasticity,cross price elasticity and income elasticity for wheat.

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The Answer of Assume the market demand for wheat may be written as Q = 45 - 2p + 0.3Y + 1p_b where Y refers to income and p_b refers to the price of barley.Assuming that wheat and barley both sell for $1,and income is $20,calculate the price elasticity,cross price elasticity and income elasticity for wheat.

Assume the Market Demand for Wheat May Be Written as