Solved: Suppose qxd 10000 - 2 px 3 py - 45m where px 100 py 50, Business Economics

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Suppose qxd 10000 - 2 px 3 py - 45m where px 100 py 50

Suppose Q_x^d = 10,000 - 2 P_x + 3 P_y - 4.5M, where P_x = $100, P_y = $50, and M = $2,000.

Use this information to answer the following three parts of question 6.

a. For this demand equation, what is the P intercept?

b. For this demand equation, what is the Q intercept?

c. Is Good X normal good or an inferior good?

d. If M changes to $1500, how much does Qd of X change?

e. Are Good X and Good Y substitutes or complements? How do you know?

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Business Economics: Suppose qxd 10000 - 2 px 3 py - 45m where px 100 py 50

Reference No:- TGS02748516

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