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Relationship between good x and good y

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Reference no: EM131706304

The demand Curve is given by

Qd = 250 - 2.5PX - 0.25I - 5PY + PZ

Where

Qd is the quantity demanded of good X

Px is the price of good X

I = Consumer income, in thousansds

Py = price of good Y

Pz = price of good Z

a. Based on the demand curve above, is X a normal or an inferior good? Why?

b. Based on the demand curve above, what is the relationship between good X and good Y? How did you determine that?

c. Based on the demand curve above, what is the relationship between good X and good Z? How did you determine that?

d. What is the equation of the demand curve if consumer incomes are $30k (input 30 in the demand equation since income is measured in thousands), the price of Y is $10, and the price of good Z is $20.

Reference no: EM131706304

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