31 May Question The demand curve is given by
Question
QD = 500 – 5PX + 0.5I + 10PY – 2PZ
where
QD = quantity demanded of good X
PX = price of good X
I = consumer income, in thousands
PY = price of good Y
PZ = price of good Z
a. Based on the demand curve above, is X a normal or an inferior good?
b. Based on the demand curve above, what is the relationship between good X and good Y?
c. Based on the demand curve above, what is the relationship between good X and good Z?
d. What is the equation of the demand curve if consumer incomes are $30,000, the price of
good Y is $10, and the price of good Z is $20?
e. Graph the demand curve that you found in (d), showing intercepts and slope.
f. If the price of good X is $15, what is the quantity demanded? Show this point on your
demand curve.
g. Now suppose the price of good Y rises to $15.
Graph the new demand curve.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.