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Calculating price, income & cross price elasticity of demand
A company has the following demand function for its product.
Q=40,000-200P+500I+100Px
Where P is the price of the firm's product, I is household disposable income in thousands of $, and Px is the price of a competitor's product.
The firm charges a price of $ 100 per unit.Estimated household income = $ 50. (in thousands of $)The competitor's price = $ 95 per unit.
A. What is the estimated demand for the firm's product?B. Determine the point price elasticity.C. Determine the point income elasticity.D. Determine the point cross price elasticity.
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