Suppose we have the following equations
Demand curve: Qd = -1,450-25Px+12.5Py+.2(Inc)
Supply Curve: Qs = -100+75Px-25Py-12.5Pz+10R
Q= quantity
px = price of good x
Inc = income = $8000
R = Rainfall = 20
Py = price of product y = $5
Pz = price of product z = $8
I need to find the Income elasticity of demand.
I need the cross price with Y in supply too
How does Z occur in D+S
Suppose we have the following equations Demand curve: Qd = -1,450-25Px+12.5Py+.2(Inc) Supply Curve: Qs = -100+75Px-25Py-12.5Pz+10R...
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