Suppose the demand for good X is given by Xdx=20-Px+2Py+M. The price of good X is $5, the price of good Y is $15, and the income is $150. How much of good X will be purchased? Is good Y a substitute or complement of good X? Is good X a normal good or an inferior good?
Suppose the demand for good X is given by Xdx=20-Px+2Py+M. The price of good X is...
The demand for good X is given by QXd = 6,000 - (1/2)PX - PY + 9PZ + (1/10)M Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. a. Indicate whether goods Y and Z are substitutes or complements for good X. Good Y is: (Click to select) a substitute neither complement nor substitute a complement . Good Z is: (Click to select) a complement a...
The demand curve is given by: Qdx=500-1.5Px-0.2I-2Py+Pz Where Qdx= quantity demanded of good X Px= Price of good X I= income (in thosands) Py= Price of good Y Pz= Price of good Z A. Is good X a normal or inferior good? Why? B. What is the relationship between goods X & Y? Why? C. What is the relationship between goods X & Z? Why? D. What is the equation of this demand curve if income is $40,000, the price...
Qp-8000-2Px+0.41-2Py+5Pz Where OD quantity demanded of good X Px price of good X Iconsumer income, in thousands Py price of good Y Pz price of good Z a. Based on the demand curve above, is X a normal or an inferior good? b. Based on the demand curve above, what is the relationahip between good X and good Y? c. Based on the demand ourve above, what is the relationship between good X and good Z7 d. What is the...
The demand for good X is given by QXd = 6,000 - (1/2)PX - PY + 9PZ + (1/10)M Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. a. Indicate whether goods Y and Z are substitutes or complements for good X b. Is X an inferior or a normal good? c. How many units of good X...
Qd=680-9Px-6I+4Py where Qd=quantity of good X demanded, Px=price of good X, I=Income, and Py=price of related good Y. From the demand function, it is apparent that good X is: I. a normal good II. an inferior good III. a substitute for good Y IV. a complement with good Y a. II only b. both I and III c. both I and IV d. both II and III e. both II and IV
4. Given the demand function Q=98.6-2.3P+3.1P,-2.1Y where Q, is the quantity demanded, Px is the price of the good itself in dollars, P is the price of a related good in dollars, and Y is average income (measured in thousands). If P $23, Ps $29, Y = $36, compute the value for Q C 1 point Using the information in part a, compute the cross-price elasticity (Eo) and determine if Py is describing a substitute or complement (round to 2...
The demand for your product X has been estimated to be Qx = 7, 880 − 4Px − 2Py + Pz − 0.1M where Y and Z are other (related) products. The relevant price and income data are as follows: Px = 10, Py = 15, Pz = 50, M = 40, 000 (Please show work and answers to questions a-e) a. Which goods are substitutes for X? Which are complements? b. Is X an inferior or a normal good?...
1) Suppose that the demand is given by the equation: Qd = 200 - 2P. if the market price is 20, what is the consumer surplus? A) 8,100 B) 6,400 C) 81,000 D) 64,000 2) Suppose that the demand for good Y is given by the equation: Qdy = 40- 2Py + Px, where Px is the price of good X and Py is the price of good Y. If Py is $16, and Px is $8 , what is...
D 6. Suppose that the demand for good Y is given by the equation: Qdy = 40- 2Py + Px, where Px is the price of good X and Py is the price of good Y. If Py is $16, and Px is $8, what is the consumer surplus in market Y? $128 $8 $64 $16
Suppose Qxd = 10,000 - 2 Px + 3 Py - 4.5M, where Px = $100, Py = $50, and M = $2,000. (Note that Qdx is the quantity demanded of Good X, Px is the price of Good X, Py is the price of another product called Good Y, and M stands for income available.) Use this information to answer the following three parts of question 6. a. For this demand equation, what is the P intercept? b. For...