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Own-price elasticity of demand

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Reference no: EM131398688

Suppose the demand curve for good X is: QDX = 20 -Px  - 2Py + 5M, where: Px is the price of good X, Py  is the price of good Y , and M is income.

A)If Px = 10, Py = 4, and M  = 10, what is the demand for good X?

B) Solve for the own-price elasticity of demand, the cross-price elasticity of demand of good X with respect to the price of good Y, and the income elasticity of demand

C) Solve for the inverse demand curve when  Py= 4 and  M= 10, and draw this line on the graph below. Then, assume that the price of good Y has increased, so now  Py= 6 and  M= 10. Solve for the new inverse demand curve and draw on the graph below.

Reference no: EM131398688

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