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Essay Writing Services / 04.06.2019
Question #1. The demand for good X is estimated to be Qxd = 7,500 – 5PX + 2PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $30, PY = $40, M = $50,000, and AX = 1000 units. What is the own-price elasticity of demand for good X? #2. The demand for good X has been estimated to be lnQxd = 75 – 2lnPX + 2.6lnPY + 3lnM. The own price elasticity of good X is
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