Reference no: EM132530586
Demand for lamb is given by the equation:
Qd = 217.1 - 0.112PL + 0.125PB - 0.0198Y
where:
Qd is the quantity of lamb sold in grams per person per week.
PL is the price of lamb (in dollars per kg, at 1985 prices).
PB is the price of beef (in dollars per kg, at 1985 prices).
Y is annual personal disposable income per head ($, at 1995 prices).
Question 1: What would happen to the demand for lamb if,
a) The price of lamb went up by $ 2 per kg (at 1985 prices).
Group of answer choices
Option a. The demand for lamb will decrease by 0.112 Kg
Option b. The demand for lamb will increase by 0.224 Kg
Option c. The demand for lamb will decrease by 0.224 Kg
Option d. The demand for lamb is 217.1 Kg
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