Find the cross-price elasticity of demand

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Reference no: EM13212602

Given the following demand curve for good x: P_x=150+.1I-.2P_y-.5Qx , where P is the price for goods x and y respectively, I is income, and Q is quantity and the following information: I = $100, Q = 200, and the price of good y is $20. What is the relationship between goods x and y? Explain carefully. Using income as your primary factor, identify what category Good X falls into. Find the price elasticity of demand. Find the income elasticity of demand. Find the cross-price elasticity of demand.

Reference no: EM13212602

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