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The demand for your product has been estimated to be Q = 7880 - 4Px - 2Py + Pz - .1M The relevant price and income data are as follows: Px = $10, Py...
The demand for your product has been estimated to be Q = 7880 - 4Px - 2Py + Pz - .1MThe relevant price and income data are as follows: Px = $10, Py = $15. Pz = $50, M = $40,000a. Which goods are substitudes 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 above information. (just describe the graph)e. How will the demand curve change if M falls to $35000?
The demand for your product has been estimated to be Q = 7880 4Px 2Py + Pz .1MThe relevant price and income data are as follows: Px = $10, Py = $15. Pz = $50, M = $40,000a. Which goods...