Question: All questions utilize the multivariate demand function, initially with: P Y = $300P L = $1.50I = $40000A = $200000 This function is: Q X

All questions utilize the multivariate demand function, initially with:

PY = $300PL = $1.50I = $40000A = $200000

This function is:

QX = 197000 -100PX +50PY +.025I +.02A + 10000PL

1.Use the above to calculate the arc price elasticity of demand between PX = $250 and PX = $200.The arc elasticity formula is:

2.Calculate the quantity demanded at each of the above prices and revenue that will result if the quantity is sold (fill in table below).

All questions utilize the multivariate demand function, initially with:PY = $300PL =

Px Q Revenue $250 $200

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