Suppose the Demand Function for Cable TV Service Is Given

question 3

Multiple Choice

Suppose the demand function for cable TV service is given by Q_CTV = 15 - 0.25 × P_CTV + 0.0005 × M + 0.3 × P_STV,Q_CTV is the quantity of cable TV demanded (thousands of households) ,P_CTV is the price of cable TV,M is income and P_STV is the price of satellite TV service.All else equal,a $10 increase in the price of satellite TV will cause the quantity of cable TV demanded to:

• A) decrease by 3,000 households.
• B) increase by 3,000 households.
• C) decrease by 5,000 households.
• D) increase by 5,000 households.

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Definitions:

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