Solved: If currently p 12 m 30000 and pg 50 which input variable, Managerial Economics

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If currently p 12 m 30000 and pg 50 which input variable

The estimated market demand for good X is

Q = 8,000 25P 0.12M + 30PG

where Q is the estimated number of units of good X demanded, P is the price of the good, M is income, and PG is the price of related good G.

Currently, P = $12, M = $30,000, and PG = $50. Examine the demand function and explain

(a) What you can conclude about the input variables.

(b) If currently P = $12, M = $30,000, and PG = $50, which input variable has the greatest effect on Q? Clearly explain your answer

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Managerial Economics: If currently p 12 m 30000 and pg 50 which input variable

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