the demand for kitty litter in pounds is


The demand for kitty litter, in pounds, is ,  Q(D)=100-P(D)-P(C)+2m, where P(D) is the price of kitty litter, P(C) is the price of cat food, and is income.

1. What is the price elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50?

2. What is the income elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50?

3. What is the cross-price elasticity of demand for kitty litter when  P(D)=30,P(C)=20, m=50? Are kitty litter and cat food substitutes or complements?

Request for Solution File

Ask an Expert for Answer!!
Econometrics: the demand for kitty litter in pounds is
Reference No:- TGS0499317

Expected delivery within 24 Hours