The demand for Good X is given by: Q d/x = 6,000 - 1/2 Px - Py + 9Pz + 1/10M
Research shows that the prices of related goods are given Py =$6,500 and Pz = $100, while the average income of individuals consuming this product is M=$70,000
1. Indicate whether good Y and Z are substitutes or compliments for Good X.
2. Is X an inferior or a normal good?
3. How many units of Good X will be purchased when Px = $5,230?
4. Decide the demand function and inverse demand function for good X. Graph the demand curve for Good X