latashahambrick9453 latashahambrick9453

27-06-2024
Business

Answered

Suppose market demand is:
QdX =DX(pX,pY,I)=50−10pX+5pY+I

where Y is income, pX is the price of good X and pY is the price of good y. Suppose pX = $5, pY = $8 and I = $100.

a. What is income elasticity of demand (ID)?
b. What is the cross-price elasticity of good X (XY)

Answer :

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