Research shows that the prices of related goods

Reference no: EM13687003

The demand for Good X is given by: Q d/x = 6,000 - 1/2 Px - Py + 9Pz + 1/10M

Research shows that the prices of related goods are given Py =$6,500 and Pz = $100, while the average income of individuals consuming this product is M=$70,000

1. Indicate whether good Y and Z are substitutes or compliments for Good X.

2. Is X an inferior or a normal good?

3. How many units of Good X will be purchased when Px = $5,230?

4. Decide the demand function and inverse demand function for good X. Graph the demand curve for Good X

Reference no: EM13687003

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