Question: Consider the following demand function for good ' x ' : Q = 9 - 0 . 1 p x - p y + 0
Consider the following demand function for good :
where
Own price, $
Quantity demanded
Price of a related good, $
Price of a related good, $
Consumer income, $
The income elasticity of demand, when equilibrium quantity is units and income is $ is equal to Enter a numeric response using a real number rounded to three decimal places.
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