Given the Demand Function Q_X = 1500 - 100P_X

question 103

Multiple Choice

Given the demand function Q_X = 1500 - 100P_X + 75P_Y + 1.5I + .06A where P_Y = $40.00, I = $2500, and A = $5,000. When price of good X is increased from $60.00 to $75.00, we know that demand for good X over this range is:

• A) elastic
• B) inelastic
• C) unitary elastic
• D) unresponsive to price changes
• E) none of the above

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