Home / Questions / ECON - NEED ASAP will give an instant like for a good answer quick The demand function for...
ECON - NEED ASAP will give an instant like for a good answer quick!!
The demand function for your brand, X, of hotdogs is estimated as
Q^{d}_{x } = 1,200 - 10 P_{x} - 10 P_{y} + 50 P_{Z} - 0.005 I
The price of X is $ 5, Y is $ 10, Z is $ 3 and incomes are $ 40,000.
1) Wwhat are your sales? _____________ ( 1mark)
2) Wwhat is the elasticity of demand for X? _______________ ( 2 marks)
3) Wwhat is the cross elasticity between X and Z? _____________ ( 2 marks)
4) AAre X and Z substitutes or complements? ___________ _( 1 mark)
5) What is the income elasticity for X? ____________ ( 2 marks)
6) If incomes increased by $ 10,000, what would be the increase in sales of X? ______________( 2
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