Te demand for good x is given by qxd 6000 - 12px

Economics

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 b. Is X an inferior or a normal 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 POST A GRAPH of all points

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91704964

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