Question: 2. The demand curve is given by QD = 500 - 5Px + 0.51 10Py -2Pz where QD = quantity demanded of good X Px

2. The demand curve is given by

QD = 500 - 5Px + 0.5110Py -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?

demand curve.

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