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

question 49

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,the income elasticity of good X is:

• A) 0.008.
• B) 0.082.
• C) 0.82.
• D) 8.2.

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