Calculate the own price elasticity

Assignment Help Business Economics

Reference no: EM13985864

The demand for good X has been estimated by QXd =12 - 3PX + 4PY. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity. Please show steps.

Reference no: EM13985864

Questions Cloud

Film analysis - anatomy of a murder : Film Analysis: Anatomy of a Murder. The Anatomy of Murder (1958) is a novel that had been written by the Supreme Court Justice of Michigan John D Voelker

Economic history since the industrial revolution : Economic history since the industrial revolution [in the United States] strongly suggests that technical learning, not the process of perfect competition, drives growth over time. Please explain.

What is gasoline marginal profit : Given Gasoline production function of QG = 72MG 1.5 MG2, what is gasoline marginal profit?

Some critics of the emissions trading system : Some critics of the emissions trading system have called on eu government to recind a large fraction of the carbon emission permits that they created when the system was first established. How would such an action, which would reduce the supply of th..

Calculate the own price elasticity : The demand for good X has been estimated by QXd =12 - 3PX + 4PY. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity. Please show steps.

What is meaning of the slope of the two budget constraints : Consider we wanted to know how many trips versus dinners out you could purchase. If you were told that X = number of trips and Y = the number of dinners out and you were given the following budget information; M=4000, Px=800, and Py=100, Show in your..

The growth rate of output per effective worker : Suppose an economy’s production function is Y = K1/2 x [AN]1/2 and that the savings rate, s, is equal to 21%, the depreciation rate, d, is equal to 8 %, the number of workers grows at 1.7% and the rate of technological progress is 6% per year, then f..

In the article how racism doomed baltimore : In the article "How Racism Doomed Baltimore," in the New York Times, the author argues that rather than reflecting a history of racial discrimination policies, the problems in Baltimore stem primarily from the actions of a few rogue police officers. ..

Body dysmorphic disorder and cosmetic surgery : How much stigma is there out there towards people with mental health problems Attitudes towards using a Muttawa

User Account

All Pages