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The market demand for brand X has been estimated as Qx=1500-3Px-0.05I-2.5Py+7.5Pz
Where Px is the price of brand X, I is per-capita income, Py IS the price of brand Y, and Pz is the price of brand Z. Assume that Px =$2, I=$20000, Py=$4 and PZ=$4.
a) with respect to changes in per-capita income, what kind of good is brand X?
b)how are brand X and Y related?
c)how are brand X and Z related?
d)how are brand X and Y related?
e)what is the market demand for brand X?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9521673

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