Question
Suppose you have the following hypothetical demand or sales function. Q X = 600- 6P X + 20I +0.4P Y P X = $80, (price
Suppose you have the following hypothetical demand or sales function.
QX= 600- 6PX+ 20I +0.4PY
PX= $80, (price of good X)
PY=$1,300, (price of good Y)
I = $30 (disposable per capita income)
A.Type a narrative interpretation for the coefficient of PY.
B.At what price would demand be unit elastic, assuming all else equal.
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Business Law And The Legal Environment
Authors: Jeffrey F Beatty, Susan S Samuelson
4th Edition
0324303971, 9780324303971
