Question The demand for good X is given by Ox 1,200-Px - 2y +4Pz+02M, where Py...
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...
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...
The inverse demand curve for product x is given by px=20−4·qx+2·py where px represents the price in dollars per unit, qx represents the rate of sales in pounds per week, and py represents the selling price of another product y in dollars per unit. The inverse supply curve of product x is given by px=10+2·qx Determine the equilibrium price and sales of X Let py=$10. Determine whether x and y are substitutes or complements
Prove Valid: 1. (z)(Pz --> Qz) 2. (Ex) [(Oy • Py) --> (Qy • Ry)] 3. (x) (-Px v Ox) 4. (x) (Ox --> -Rx) ... :. (Ey) (-Py v -Oy) 1. (x) [(Fx v Hx) --> (Gx • Ax)] 2. -(x) (Ax • Gx) ..... :. (Ex) (-Hx v Ax) 1. (x) (Px --> [(Qx • Rx) v Sx)] 2. (y) [(Qy • Ry) --> - Py] 3. (x) (Tx --> -Sx) .... :. (y) (Py --> -Ty)
1. Given the above demand curve, how many of good X will consumer purchase when PX is $100 a unit, PY is $50 a unit, and M is $25,000? 2. Your research department estimates that the supply function for televisions is given by: QXS = 5,000 + 5PX -10PR – 2PW When PX is $800, PR is $200, and PW is $2500, how many television sets are produced? 3. Suppose the cross-price elasticity of demand between Coke and...
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...
4. A group of economists has carefully estimated demand for electric cars as follows: x(px, py, m)-8m +4py-px; x represents electric cars, m is income, and y represents gas-powered cars. Suppose that m=2 and py-2. (a) What is the inverse demand function for electric cars? (b) If m increases to 3 and py remains constant, what is the new inverse demand function? (c) Draw both the inverse demand functions (x horizontal and px vertical axis).
Consider the following demand function for good 'X': Q = 9 -0.1px - Py + 0.01p2 +0.001Y, where Own price, Px = $120 Quantity demanded = 13.75 Price of a related good, Py = $6 Price of a related good, Pz = $275 Consumer income, Y = $20,000 The income elasticity of demand, s, when equilibrium quantity is 13.75 units and income is $20,000 is equal to : (Enter a numeric response using a real number rounded to three decimal...
1 Elasticity This problem continues on from the previous homework. Consider the market for good X. The demand function is and the supply function is Px, Py, and Pz are the prices of goods X, Y, and Z. M is the average consumer income Suppose market research determines that M 105, Py 20, and Pz 10. 1.a Caleulate the cross-price clasticities of demand with respect to good Y and good Z at the market cquilibrium. Are goods Y and Z...