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Average income of individuals consuming

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Reference no: EM131227364

The demand for good X is given by

QXd = 6,000 - (0.5)PX - PY + 9PZ + (0.10)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.

Good Y is: (Click to select)a complementneither complement nor substitutea substitute

Good Z is: (Click to select)neither complement nor substitutea substitutea complement

b. Is X an inferior or a normal good?

Good X is: (Click to select)a normal goodan inferior goodneither a normal nor an inferior 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.

Instruction: Enter all coefficient as integers or decimal numbers.

Demand function:  - PX

Inverse demand function: PX =  - QXd

Reference no: EM131227364

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