Decide the demand function and inverse demand function

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Reference no: EM13687683

Research shows that the prices of related goods are given by: Qx^d=6,000-1/2 Px-Py+9Pz+1/10 M

Suppose: Py=$5,900 and Pz=$90 , the average income of individuals M=$55,000.

Decide the demand function and inverse demand function for good X.

Indicate whether goods Y and Z are substitutes or complements for good X?

Is X an inferior or a normal good?

How many units of good X will be purchased when Px=4900?

Compute the own price elasticity, two cross price elasticity’s and income elasticity?

Reference no: EM13687683

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