The Demand for Good X Is Estimated to Be Q_x^d

question 159

Multiple Choice

The demand for good X is estimated to be Q_x^d = 10,000 − 4P_X + 5P_Y + 2M + A_X, where P_X is the price of X,P_Y is the price of good Y,M is income,and A_X is the amount of advertising on X.Suppose the present price of good X is $50,P_Y = $100,M = $25,000,and A_X = 1,000 units.Based on this information,we know that the demand for good X is:

• A) elastic.
• B) inelastic.
• C) unitary elastic.
• D) neither elastic, inelastic, nor unitary elastic.

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