Question
The demand function for your brand, X, of hotdogs is estimated as Q d x =1,200 - 10 P x - 10 P y +
The demand function for your brand, X, of hotdogs is estimated as
Qdx=1,200 - 10 Px - 10 Py + 50 PZ - 0.005 I
The price of X is $ 5, Y is $ 10, Z is $ 3 and incomes are $ 60,000.
are X and y substitutes or complements? what is the income elasticity for X? and If incomes increased by $ 20,000, what would be the increase in sales of X? could you show steps please and thank you
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Quantitative Methods for Business
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
13th edition
1285866312, 978-0357685648, 978-1285866314
