Question: #4 .The demand for good X is given by Q x d = 6,000 - (1/2)Px- PY+ 9PZ+ (1/10)M Research shows that the prices of

#4 .The demand for good X is given by Qx^d = 6,000 - (1/2)Px- PY+ 9PZ+ (1/10)M

Research shows that the prices of related goods are given by Py= $6,500 and Pz= $100, while the average income of individuals consuming this product is

M= $70,000.

a. Indicate whether goods Y and Z are substitutes or complements for good X. ?

b. Is X an inferior or a normal good?

c. How many units of good X will be purchased when Px= $5,230?

d. Determine the demand function and inverse demand function for good X.

Graph the demand curve for good X.?

Demand function: - PX Inverse demand function: PX= - Qx^d

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