Determine income elasticity of good, Microeconomics

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Determine income elasticity of good

The demand for good X is estimated to be Qx
d = 10, 000 - 4PX + 5PY + 2M + AX, where PX is

the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $50, PY = $100, M = $25,000, and AX = 1,000 units. Based on this information, the income elasticity of good X is?

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Microeconomics: Determine income elasticity of good

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Microeconomics: Determine income elasticity of good

Reference No:- TGS048357

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Show the total and marginal products

Q : Restrictions on capital outflows

Q : Prepare any adjusting journal entries

Q : Tax impact on the corporation

Q : Determine income elasticity of good

Q : Explain the interaction between carson company and secura

Q : What are ms. delaney''s professional responsibilities

Q : Explain constant-decreasing or increasing returns to scale

Q : What are the five basic principles of cash management

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Determine income elasticity of good

Reference No:- TGS048357

Recent Questions Asked Microeconomics

Q : Show the total and marginal products

Q : Restrictions on capital outflows

Q : Prepare any adjusting journal entries

Q : Tax impact on the corporation

Q : Determine income elasticity of good

Q : Explain the interaction between carson company and secura

Q : What are ms. delaney''s professional responsibilities

Q : Explain constant-decreasing or increasing returns to scale

Q : What are the five basic principles of cash management

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