The Demand for Your Product Has Been Estimated to Be

question 128

Essay

The demand for your product has been estimated to be Q^d_x = 7,880 - 4P_x - 2P_y + P_z - 0.1M.The relevant price and income data are as follows:
P_x = 10,P_y = 15,P_z = 50,M = 40,000.
a.Which goods are substitutes for X?
Which are complements?
b.Is X an inferior or a normal good?
c.How much X will be purchased?
d.Graph the demand curve for X given the above information.
e.How will the demand curve change if M falls to 35,000?

Understand the role of technological change in society and its impact on social change.

Understand the characteristics of perfectly competitive markets.

Identify the relationship between market demand and individual firm's profits in a perfectly competitive market.

Comprehend the concept of marginal revenue and how it relates to a firm's pricing and output decisions.

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