Given the demand function for a company is q14850-5p1 15p2, Ask an Expert

Economics

Given the demand function for a company is Q1=4850-5p1 + 1.5p2 + 0.1Y given that Y= 10000,p1=200 AND p2 = 100.

Find and interpret income elasticity of demand for P1.

Find and interpret the cross price elasticity of demand for p1 and p2 indicating the relationship between the two product

Fid the own price elasticity of demand for p1

if the price for p1 fell by 10% what will be the percentage in its quantity demanded

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Microeconomics, Economics

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