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The market demand for brand x has been estimated aswhere px

The market demand for Brand x has been estimated as:

Qxd=1500-3px-0.05M-2.5Py+7.5Pz

where Px is the price of Brand x, M per capita income, Py is the price of Brand y, and Pz is the price of Brand z.

Assume that Px=$2 , M=$20,000 , Py=$4 , and Pz=$4

a) With respect to changes in per capita income, what kind of good is Brand x?

b) How are Brands x and y related?

c) How are Brands x and z related?

d) How are Brands z and y related?

e) What is the market demand for Brand x?

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Microeconomics: The market demand for brand x has been estimated aswhere px

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Microeconomics: The market demand for brand x has been estimated aswhere px

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