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Suppose that you have estimated the following demand curve: QDP I = 1200 - 4+ .01
You know that the current market price is $11 and average income (I) is $40,000.
a) Calculate the markets total Demand?
b) Calculate the market's consumer surplus.
c) Calculate the price elasticity of demand.
d) Is the price elasticity of demand calculated in Question #1c elastic or inelastic?
e) Calculate the income elasticity of demand
f) Based on the income elasticity of demand calculated in Question #1e, is this product a normal good or an inferior good?
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