HomeworkLib
Question

Assume the demand function for good X can be written as Qd = 80 - 3Px...

Assume the demand function for good X can be written as Qd = 80 - 3Px + 4Py + 10I, where Px = the price of X, Py is the price of Y and I is consumer income. If the price of Y decreases by 2 dollars, what is the change in Px have to be in order to keep the quantity demanded of X unchanged by the change in the price of Y?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

by 2 2-66 to Keep he Qnouh

0 0
Add a comment
Know the answer?
Add Answer to:
Assume the demand function for good X can be written as Qd = 80 - 3Px...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Assume the demand function for good X can be written as Qd = 80 - 3Px...

    Assume the demand function for good X can be written as Qd = 80 - 3Px + 6Py + 10I, where Px = the price of X, Py is the price of Y and I is consumer income. If the price of Y decreases by 5 dollars, what is the change in Px have to be in order to keep the quantity demanded of X unchanged by the change in the price of Y? A) decrease by 2.5 dollars B)...

  • Qd=680-9Px-6I+4Py where Qd=quantity of good X demanded, Px=price of good X, I=Income, and Py=price of related...

    Qd=680-9Px-6I+4Py where Qd=quantity of good X demanded, Px=price of good X, I=Income, and Py=price of related good Y. From the demand function, it is apparent that good X is: I. a normal good II. an inferior good III. a substitute for good Y IV. a complement with good Y a. II only b. both I and III c. both I and IV d. both II and III e. both II and IV

  • The market for good X consists of 2 consumers. Consumer 1’s demand for good X is:...

    The market for good X consists of 2 consumers. Consumer 1’s demand for good X is: X1 = 15 - 3PX + 0.5PY + .02 *I1 Consumer 2's demand for X is: X2 = 10 - PX + 0.2PY + .01*I2 I1 and I2 are incomes of consumer 1 and 2, respectively. PX and PY are the prices of goods X and Y, respectively. a.    What is the equation for the market demand function for X? Graph the two individual...

  • 1) Suppose that the demand is given by the equation: Qd = 200 - 2P. if...

    1) Suppose that the demand is given by the equation: Qd = 200 - 2P. if the market price is 20, what is the consumer surplus? A) 8,100 B) 6,400 C) 81,000 D) 64,000 2) Suppose that the demand for good Y is given by the equation: Qdy = 40- 2Py + Px, where Px is the price of good X and Py is the price of good Y. If Py is $16, and Px is $8 , what is...

  • Is the demand for Good X elastic? inelastic? or unit elastic? based on the following demand...

    Is the demand for Good X elastic? inelastic? or unit elastic? based on the following demand function for Good X? ln Qd = 40 - 0.75 ln Px +2.3 ln Py - 4.5 ln M where Px is the price of Good X, Py is the price of Good Y and M is consumer income.

  • QD=8000-2P2 +0.4 I-2 PY +SP2 QD = Quantity demanded of good & PX = Price of...

    QD=8000-2P2 +0.4 I-2 PY +SP2 QD = Quantity demanded of good & PX = Price of good x I= consumer of Income (In thousands) PY= Price of good Y P2= Price of good 2 1) what are the you don't need Price intercept intercepts and slope of your demaner curve? to draw the demand curve. Just indicate the and the quantity intercep and slope. 2) If the price of good x is $100, what is quantity demanded 3) suppose price...

  • Consider the following demand function for good 'X': Q = 9 -0.1px - Py + 0.01p2...

    Consider the following demand function for good 'X': Q = 9 -0.1px - Py + 0.01p2 +0.001Y, where Own price, Px = $120 Quantity demanded = 13.75 Price of a related good, Py = $6 Price of a related good, Pz = $275 Consumer income, Y = $20,000 The income elasticity of demand, s, when equilibrium quantity is 13.75 units and income is $20,000 is equal to : (Enter a numeric response using a real number rounded to three decimal...

  • Consider that the general demand function for a product X is estimated to be               Qd...

    Consider that the general demand function for a product X is estimated to be               Qd = 500 – 5P + 0.5M + 10PY - 2PZ Where Qd is quantity demanded of good X, P is price of good X, M is consumer income (in thousands), PY is price of good Y, and PZ is price of good Z.         a. Based on the estimated demand function, what is the relationship between good X and good Y; between good X...

  • QD= 8000 - 2PX + 0.4I - 2PY + 5PZ Where QD = quantity demanded of...

    QD= 8000 - 2PX + 0.4I - 2PY + 5PZ Where QD = quantity demanded of good X PX = price of good X I = consumer income, in thousands PY = price of good Y PZ = price of good Z a. Based on the demand curve above, is X a normal or an inferior good? b. Based on the demand curve above, what is the relationship between good X and good Y? c. Based on the demand curve...

  • A3 Own Price Elasticity Question 1: The demand for Wanderlust Travel Services (good X) is estimated...

    A3 Own Price Elasticity Question 1: The demand for Wanderlust Travel Services (good X) is estimated to be Qx = 22000-2.5Px + 4PY-1 M 1 .5Ax. Where Qx is the quantity of good X, Px is the price of good X, Py is the price of good Y, M is consumer income, and Ax is the amount of advertising spent on X. Suppose the price of good X is $450, the price of good Y is $40, the company uses...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT