The demand for good X is given byQXd = 6,000 – (0.5)PX – PY + 9PZ + (0.10)MResearch shows that the p

The demand for good X is given byQXd = 6,000 – (0.5)PX – PY + 9PZ + (0.10)MResearch shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M= $70,000.a. Indicate whether goods Y and Z are substitutes or complements for good X.Good Y is: (Click to select)a complementneither complement nor substitutea substituteGood Z is: (Click to select)neither complement nor substitutea substitutea complementb. Is X an inferior or a normal good?Good X is: (Click to select)a normal goodan inferior goodneither a normal nor an inferior goodc. How many units of good X will be purchased when Px = $5,230?d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.Instruction: Enter all coefficient as integers or decimal numbers.Demand function: – PXInverse demand function: PX = – QXd

 

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