Demand curve change if m falls

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Reference no: EM1312084

Q. The demand for your product has been estimated to be Qdx = 7,880 - 4Px - 2Py + Pz - 0.1M. The relevant price also income data are as follows: Px = 10, Py = 15, Pz = 50, M = 40,000.

a. Which goods are substitutes for X? Which are complements? Why?

b. Is X an inferior or a normal good? Why?

c. Elucidate how much X will be purchased? Why?

d. Graph the demand curve for X given the above information.

e. Elucidate how will the demand curve change if M falls to 35,000? Why?

Reference no: EM1312084

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