Reference no: EM13816803
Given that the demand function of the good Z;
Qz= 500-6Pz -2Ps+ 0.6Y
where Qz= quantity demanded for good Z (millions of tones)
Pz = price of good Z ($)
Ps = price of good S ($)
Y = national income (millions)
a. From the data given in the table below, fill in the blanks and draw the demand curve when Ps=$40 and Y is $950 million
Price good Z ($) 10; 20 ;30 ;40; 50
b. Assuming that Pz=10, Ps=40 and Y =950, what is the price elasticity of demand of good Z if Pz increases to $20?
c. Assuming that Pz=10, Ps=40 and Y =950, what is the cross elasticity between good Z and S if Ps increases to $70?
d. Assuming that Pz=10, Ps=40 and Y=950, what is the income elasticity when Y increases to $1100 million?
e. Based on the demand function above, what is the relationship between good Z and good S?
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