Can you please assist me in determining the questions below

Can you please assist me in determining the questions below, based on the given demand curve

Qd = 500 -5Px + 0.5I +10Py - 2Pz

a) based on the demand curve above, is X a normal or inferior good?

b) based on the demand curve above, what is the relationship between good X and good Y?

c) based on the demand curve, what is the relationship between good X and good Z?

d) what is the equation of the demnad curve if consumer incomes are $30,000, the price of good y is $10 and the price of good Z is $20?

e) graph the demand curve that you found in (d) showing intercepts and slope

f) if the price of good X is $15, what is the quantity demanded? show this point on your demand curve.

g) now suppose the price of good Y rises to $15. graph the new demand curve.

Solution

= 500 – 5*Px + 0.5*30000 + 10*10 – 2*20

= 500 + 15000 +100 – 40

=15560 – 5Px

Can you please assist me in determining the questions below, based on the given demand curve Qd = 500 -5Px + 0.5I +10Py - 2Pz a) based on the demand curve above

Get Help Now

Submit a Take Down Notice

Tutor
Tutor: Dr Jack
Most rated tutor on our site