Question Details

Answered: - Consider the following demand equation for a good X.


Consider the following demand equation for a good X.

Qx=30,000-300Px+200Py-Pz+0.5i

Where Px=$40, Py=$30 ,Pz=$10 and i=$100,000.

1. Does X obey the Law of Demand? Explain

2.Is X a normal good or inferior.Explain.

3.Are goods X and Y substitutes or complements? Explain.

4. IS ?good X a necessity or a luxury? explain.

5. Caculate the price elasticity for good X

6.Would revenues from sales of good x go up or down if we raise the price of X


Please explain it step by step!!!!!!!!!!!!!!!!!!! with calculate step. i need to know how to deal with the same type question~ TY


Consider the following demand equation for a good X.

 

Qx=30,000-300Px+200Py-Pz+0.5i

 

Where Px=$40, Py=$30 ,Pz=$10 and i=$100,000.

 

1. Does X obey the Law of Demand? Explain

 

Yes.

 

The law of demand...

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Oct 07, 2020

PRICE: $15

Solution~0002204929.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Oct 07, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.

Order Now