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The quantity demanded of good x is given by: Qx = 5005 – 150Px +0.7I – 350Py where:
Px is the price of good x (currently at $150)
Py is the price of good y (currently at $15)
I is the median income (currently at $40,000)
Calculate the own-price elasticity of demand for good x.
Calculate the income elasticity of good x.
Would you say that x is a relatively elastic or a relatively inelastic good? Are you surprised by the sign of the own-price elasticity of demand? Why or why not?
What kind of good is x? how does good y relate to good x? use appropriate jargon when answering
SOLUTIONQx = 5005 – 150Px +0.7I – 350Py where:Px is the price of good x (currently at $150)Py is the price of good y (currently at $15)I is the median income (currently at $40,000)a)…
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