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What is the quantity sold if the price of toyota vios

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Reference no: EM133129000

Average consumer income is RM20 thousands and the company utilizes RM50 thousands for promotional expenses: a. Calculate and interpret (i) the price elasticity of demand for Toyota Vios. (ii) If Toyota Vios reduces its price 10% lower than before, what will be the total sale of Toyota Vios? b. Calculate and interpret (i) cross-price elasticity of demand. (ii) Is the good y (Honda City) substitute or complement? c. Calculate and interpret income elasticity of demand. Is Toyota Vios a normal or inferior goods. d. What is the quantity sold if the price of Toyota Vios is sold at the same price of Honda City?

Reference no: EM133129000

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