Essay
The demand for your product has been estimated to be Qdx = 7,880 - 4Px - 2Py + Pz - 0.1M.The relevant price and income data are as follows:
Px = 10,Py = 15,Pz = 50,M = 40,000.
a.Which goods are substitutes for X?
Which are complements?
b.Is X an inferior or a normal good?
c.How much X will be purchased?
d.Graph the demand curve for X given the above information.
e.How will the demand curve change if M falls to 35,000?
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a.Z is a substitute for X,while Y is a c...View Answer
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