HomeworkLib
Question

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 above, what is the relationship between good X and good Z?

d. What is the equation of the demand curve if consumer incomes are $75,000, the price of good Y is $80, and the price of good Z is $105?

e. What are the intercepts and slope of your demand curve? You do not need to draw the demand curve. Just indicate the price intercept and the quantity intercept and the slope. f. If the price of good X is $100, what is the quantity demanded?

g. Now suppose the price of good Z rises to $150. What would happen to your demand curve? What are the price intercept, quantity intercept and slope?

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

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
QD= 8000 - 2PX + 0.4I - 2PY + 5PZ Where QD = quantity demanded of...
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

  • Qp-8000-2Px+0.41-2Py+5Pz Where OD quantity demanded of good X Px price of good X Iconsumer income, in...

    Qp-8000-2Px+0.41-2Py+5Pz Where OD quantity demanded of good X Px price of good X Iconsumer 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 relationahip between good X and good Y? c. Based on the demand ourve above, what is the relationship between good X and good Z7 d. What is the...

  • 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...

  • The demand curve is given by: Qdx=500-1.5Px-0.2I-2Py+Pz Where Qdx= quantity demanded of good X Px= Price...

    The demand curve is given by: Qdx=500-1.5Px-0.2I-2Py+Pz Where Qdx= quantity demanded of good X Px= Price of good X I= income (in thosands) Py= Price of good Y Pz= Price of good Z A. Is good X a normal or inferior good? Why? B. What is the relationship between goods X & Y? Why? C. What is the relationship between goods X & Z? Why? D. What is the equation of this demand curve if income is $40,000, the price...

  • Please I need answer for question number 3 I need the answer typed not handwriting please...

    Please I need answer for question number 3 I need the answer typed not handwriting please T-Mobile 令 8:55 PM a moodle.mcny.edu Consider the supply of computers. For each of the a. A change in technology that lowers production 2. following, state the effect on supply: costs b. An increase in the price of semiconductors c. A decrease in the price of computers d. An increase in the wages of computer assembly workers e. An increase in consumer incomes 3....

  • 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=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

  • 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...

  • Suppose Qxd = 10,000 - 2 Px + 3 Py - 4.5M, where Px = $100,...

    Suppose Qxd = 10,000 - 2 Px + 3 Py - 4.5M, where Px = $100, Py = $50, and M = $2,000. (Note that Qdx is the quantity demanded of Good X, Px is the price of Good X, Py is the price of another product called Good Y, and M stands for income available.) Use this information to answer the following three parts of question 6. a. For this demand equation, what is the P intercept? b. For...

  • The demand function for good X is as follows: X= 25 + 5Py+ 5B-2PX A. What...

     The demand function for good X is as follows: X= 25 + 5Py + 5B -2Px A. What is the slope of this demand curve?  B. If Px=10, Py=3, and B= 10 derive the: a. Own demand elasticity at these values b. Cross elasticity at these values c. Income elasticity at these values.   C. Is good X elastic or inelastic at these values for income, price of good Y and price of good X? Is good Y a substitute or complementary good? And, is good X an...

  • Suppose that the demand and supply functions for good X are Qd = 56 – 2PX...

    Suppose that the demand and supply functions for good X are Qd = 56 – 2PX + 0.01M +7PR Qs = -600 + 10PX Where PX is the sales price of good X, M is average consumer income, PR is the price of a related good. Is good X a normal or inferior good? Are good X and R complements of substitutes? Explain? Suppose M = $50,000 and PR = $20 What is the direct demand function for good X?...

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