Given the demand function Q = 1000 5P P 2 A + 0.005Y 3 where
Question:
Given the demand function
Q = 1000 − 5P − P2A + 0.005Y3 where P = 15, PA = 20 and Y = 100, find the income elasticity of demand and explain why this is a superior good. Give your answer correct to two decimal places.
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