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Qj= 65000-20Pj+20Pf+35Pt-5Pb+0.2Tc+.05Y+10Mg+.04A 10. Enter the following values into your Jolt demand function (be very careful with the calculation because the resulting quantity of Jolts demanded

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Qj= 65000-20Pj+20Pf+35Pt-5Pb+0.2Tc+.05Y+10Mg+.04A

image text in transcribed
10. Enter the following values into your Jolt demand function (be very careful with the calculation because the resulting quantity of Jolts demanded will be used in several questions to follow). Circle your answer on the answer sheet. Pi = $35000 Pf = $35000 Pt = 45000 Pb = $10000 Tc = $10000 Y = $1000 Mg = 50 A = $10000 = 1592950 1 1. What is the point income elasticity of Jolt demand with respect to (Y) of $1000? Work out completely, show the sign (+ or -) and carry out to six decimal places. Y

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