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X = dX(PX, PY, I) and. Y = dY(PX, PY, I). Further, assume these demand functions are homogeneous of degree zero in prices and income. Differentiating the budget constraint w.r.t. I, PX((X/(I) + PY((Y/(I) = 1. This expression can be readily converted into elasticities . (PX(X/I)((X/(I)I/X + (PY(Y/I )((Y/(I)I/Y = 1. writing PXX/I = sx and PYY/I ... ................
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