The demand curve is given by qd 500 ndash px 05 i 10 py -, Ask an Expert

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The demand curve is given by QD = 500 – PX + 0.5 I +10 PY - 2 PZ Where QD= quantity demand of good X PX= price of good X I= consumer income, in thousands PY= price of good Y PZ= price of good Z.

A) Base on the demand curve above is X normal or an inferior good?

B) Base on the demand curve above, what is the relation between good X and good Y?

C) Base on the demand curve above, what is the relation between goo X and good Z?

D) What is the equation of demand curve if consumer income are $30000, 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 intercept and slope.

F) If the price good X is $15, what is the quantity demand? Show this point on your demand curve.

G) Now the price of good Y rises to $15. Graph the new demand curve.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92203575

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