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# 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 Qdx = 1,200 - 10 Px - 10 Py + 50 PZ - 0.005 I The price

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

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 \$ 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

Apr 12 2021 View more View Less