What is the cross-price elasticity with respect to commodity

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Reference no: EM13232494

Suppose demand for HP printers is estimated to be Q = 1000 - 5p + 10pX - 2pZ + 0.1Y. If
p = 80, pX = 50, pZ = 150, and Y = 20,000;

a) What is the price elasticity of demand for HP printers?

b) What is the cross-price elasticity with respect to commodity X? Give an example of what commodity X might be.

c) What is the cross-price elasticity with respect to commodity Z? Give an example of what commodity Z might be.

d) What is the income elasticity of demand for HP printers?. Is this good normal or inferior?

Reference no: EM13232494

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