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elastisity The demand equation for a firm's product has been estimated as Ln Qx= 7.3 - 2 Ln Px + 0.5 Ln I + 0.25

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The demand equation for a firm's product has been estimated as Ln Qx= 7.3 - 2 Ln Px + 0.5 Ln I + 0.25 Ln Py - 1.5 Ln Pz, where Qx represents unit sales of brand X, Px is the price of brand X, I is per-capita income, Py is the price of brand Y, and Pz is the price of brand Z. 1 What is the cross-price elasticity of demand for brand X in relation to the price of brand Y? What is the relationship between brand X and brand Y? 2 What is the cross-price elasticity of demand for brand X in relation to the price of brand Z? What is the relationship between brand X and brand Z? 3 What effect will an increase in Px by 10% have on the firm's total revenues? 4 What is the total effect will an increase in Pr by 10%, a decrease in / by 3%, an increase in Py by 5%, and a decrease in P: by 3% on the demand for the firm's product

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