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Given the Demand Function QX = 5,000 - 250PX +120PY

Question 122

Multiple Choice

Given the demand function QX = 5,000 - 250PX +120PY +.04I where
PY = $50.00 and I = $60,000. When the price of good X is increased from $30.00 to $40.00, we know that demand for good X over this range is:


A) elastic
B) inelastic
C) unitary elastic
D) responsive to price changes
E) a and d

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