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Economics 11: Problem Set 7 Fall 2025 UCLA
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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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