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Economics 11: Problem Set 7 Fall 2025 UCLA
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2
May 2026
2025/2026
oblem 1
Ralph consumes apples (A) and bananas (B). His Marshallian demand for bananas is
B
∗
(pA, pB, I) = I
0.4p
0.2
A
3p
0.6
B
.
(a) Find the income elasticity of demand for bananas (eB,I ) and interpret the value. Are
bananas an inferior or normal good?
(b) Find the own price elasticity of demand for bananas (eB,pB
) and interpret the value.
Does the own price elasticity of demand for bananas depend on the value of pB?
(c) Find the cross price elasticity of demand for banan...
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