Question
Consider the demand function for good1, Q1 = 1294 - P1 + 0.75* P2 - 0.5* P3 + 0.05*Y Where, price of good1 (P1) is
Consider the demand function for good1, Q1 = 1294 - P1 + 0.75* P2 - 0.5* P3 + 0.05*Y
Where, price of good1 (P1) is 212, price of good2 (P2) is 99, price of good3 (P3) is 415, and income (Y) is 16002;
Estimate the percentage change in the demand for good1 resulting from a 12% decrease in the price of good3.
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
