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The demand for good X is estimated to be Q Xd = 10,000 - 4PX + 5PY + 2M + AXwhere P X is the

The demand for good X is estimated to be Q_Xd= 10,000 - 4PX + 5PY + 2M + AXwhere P_Xis the price of X, P_Yis the price of good Y, M is income and A_Xis the amount of advertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, and AX = 1,000 units. Determine

Own price elasticity of demand

Cross price elasticity of demand

Income elasticity of demand

Is good y a complement or a substitute

Is good is normal or inferior

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