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Determine the demand equation

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Reference no: EM132820095

Problems (Please show all work and remember to label all graphs!) 2) Supply and Demand/Demand Analysis

Suppose that your analyst estimates the demand equation for good X as given below:

=12- -2 +1 +

Good X sells for $1 per unit, good Y sells for $2 per unit, good Z sells for $1 per unit, and consumer income is $4.

  1. Using the information provided by your analyst, please determine the demand equation. (Please use graphs to support your answer).
  2. Please calculate the own price elasticity of demand for good X. Is the demand for good X elastic, inelastic, or unit elastic? (Please indicate where on your graph of the demand equation from part a, your calculation of own-price elasticity lies.)
  3. If I increase the price of good X by 0.13%, what happens to revenues? (Please use graphs to support your answer.)

Reference no: EM132820095

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