Research shows that the prices of related goods are given by: Qx^d=6,000-1/2 Px-Py+9Pz+1/10 M
Suppose: Py=$5,900 and Pz=$90 , the average income of individuals M=$55,000.
Decide the demand function and inverse demand function for good X.
Indicate whether goods Y and Z are substitutes or complements for good X?
Is X an inferior or a normal good?
How many units of good X will be purchased when Px=4900?
Compute the own price elasticity, two cross price elasticity’s and income elasticity?