The demand for good x is given by Qdx= 1200- 1/2Px+1/4Py-8Pz+1/10M Py = $5900 Pz = 90

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The demand for good x is given by Qdx= 1200- 1/2Px+1/4Py-8Pz+1/10M

Py = $5900 Pz = 90 M = 50550

a. Indicate whether goods Y and z are substitutes or complements for good x

b. Is x an inferior or normal good

c. How many units of good x will be purchased when Px = 4910

d. Determine the demand function and inverse demand function for good x.

Graph the demand curve for good X

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Managerial Economics and Business Strategy

ISBN: 978-0071267441

7th Edition

Authors: Michael R. baye

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Question Posted: Aug 05, 2013 03:41 AM

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The demand for good x is given by Qdx= 1200- 1/2Px+1/4Py-8Pz+1/10M Py = $5900 Pz = 90

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A The coefficient of price of y is positive so X and Y are substitute...View the full answer

Managerial Economics and Business Strategy

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