Question: Suppose the demand for good x is ln Q x d = 21 0.8 ln P x 1.6 ln P y + 6.2 ln M

Suppose the demand for good x is ln Qxd = 21 0.8 ln Px 1.6 ln Py + 6.2 ln M + 0.4 ln Ax. Then we know good x is

Multiple Choice

  • an elastic good.
  • a Giffen good.
  • an inferior good.
  • a normal good.

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