Reference no: EM13236789
The demand curve is given by: QD= 500- 5Px+ 0.5I + 10Py-2Pz where QD= quanity demanded of good X Px= price of good X I= consumer income, in thousands Py= price of Good Y Pz= price of good Z
a) Based on the demand curve above , is X a normal or inferior good?
b) Based on the demand curve above, what is the relationship between good X and good Y?
C)Based on the demand curve above, what is the relationship between good X and good Z?
D)What is the equation of the demand curve if cusomer incomes are $30,000, the price of Y is $10.00 and the price of goodZ is $20.00
e) Graph the demand curve that you found in (d) showing intercepts and slope.
(f) if the price of good X is 15.00, what is the quanity demand? Show this point on your demand curve. (g) Now supose the price of good Y rises to 15.00. Graph the new demand curve.
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: The demand curve is given by: QD= 500- 5Px+ 0.5I + 10Py-2Pz where QD= quanity demanded of good X Px= price of good X I= consumer income, in thousands Py= price of Good Y Pz= price of good Z a) Based on the demand curve above , is X a normal or infe..
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