Business, 12.02.2020 04:40 moeshawashingto1

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 substituteneither complement nor substitutea complement
Good Z is: (Click to select)a substituteneither complement nor substitutea complement

b. Is X an inferior or a normal good?
Good X is: (Click to select)an inferior gooda normal goodneither a normal nor an inferior good
c. How many units of good X will be purchased when Px = $5,230?
d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.
Demand function: - PX
Inverse demand function: PX = - QXd

Answers: 3

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The demand for good X is given by

QXd = 6,000 - (1/2)PX - PY + 9PZ + (1/10)M

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