Question: Please see attached image 5. (30 points) Below is an elasticity matrix (own-price, cross-price and income) for three goods. Recover missing elasticities using formulas provided

Please see attached image

Please see attached image 5. (30 points) Below is an elasticity matrix

5. (30 points) Below is an elasticity matrix (own-price, cross-price and income) for three goods. Recover missing elasticities using formulas provided (see the additional paper attached to the email). Formulas provided are, Marshallian cross-price effects in elasticity form, Homogeneity row restriction and adding-up column restriction. Show all work. Product 1 Product 2 Product 3 Income Product 1 E11 = (-2) E12 = (? ) E13 = (0) m = (1/ 4) Product 2 E21 = (?) E22 = (?) E23 = (? ) n2 = (? ) Product 3 E31 = (?) E32 = (-1/8) E33 = (? ) n3 = (1/ 2 ) Budget shares W1 = (1/4) W2 = (1/2 ) W3 = (1 / 4 )

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