Prove that the elasticity of Y with respect to X is equal to-2 XY

Question

Question

math Statistics-And-Probability

Answer 1

Answer #1

We need to prove

Elasticity of Y w.r.t X = - $\beta$ 2 * (1 / XY)

The negative sign shows that change in X is negative i.e {X}' = X - n

where n is magnitude of change in X

I have solved for positive change by hand and shown the results for neagtive change as well.

Please find the pics below

Answer 2

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