Reference no: EM13975155
The estimated market demand for good X is
Q = 8,000 25P 0.12M + 30PG
where Q is the estimated number of units of good X demanded, P is the price of the good, M is income, and PG is the price of related good G.
Currently, P = $12, M = $30,000, and PG = $50. Examine the demand function and explain
(a) What you can conclude about the input variables.
(b) If currently P = $12, M = $30,000, and PG = $50, which input variable has the greatest effect on Q? Clearly explain your answer
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