## 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...

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This question was answered on: Oct 07, 2020

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