The Demand for Good X Is Given by Ln Q_x^d

question 144

Multiple Choice

The demand for good X is given by ln Q_x^d = 120 − 0.9 ln P_x + 1.5 ln P_y − 0.7 ln M.Which of the following statements is correct?

• A) X has constant income elasticity.
• B) An economic downturn will decrease demand for X.
• C) A 15 percent increase in income would increase demand for X by 10.5 percent.
• D) X has a constant income elasticity, and an economic downturn will decrease the demand for X.

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Employee Satisfaction

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