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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

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