(Answered) Computing the own price elasticity

Economics

Jack's demand function is given by x(px,py,M)=pxM-py^2

1. Is x an inferior good? explain.

2. What is the own price elasticity if py=1, px=2 and M=20?

3. What is the cross price elasticity if py=1, px=2 and M=20?

4, What is market demand if py=4,px=3 and M=20 and there are 12 identical consumers in the market?

Explain your answers and provides examples.

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Macroeconomics, Economics

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