Question: Please show work in detail. All questions utilize the multivariate demand function for Brand X washing machines given in C2, page 81, initially with: Initial

Please show work in detail.

All questions utilize the multivariate demand function for Brand X washing machines given in C2, page 81, initially with:

Initial values are: PY = $300 PL = $0.30 I = $40000 A = $200000

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

1.(a). Use the above to calculate thearc price elasticity of demand between PX = $250 decreasing to PX = $200. The arc elasticity formula is:

Please show work in detail.All questions utilize the multivariate demand function forBrand X washing machines given in C2, page 81, initially with:Initial valuesare: PY = $300 PL = $0.30 I = $40000 A =$200000The function is: QX = 197000 -100PX +50PY +.025I +.02A + 10000PL1.(a).Use the above to calculate thearc price elasticity of demand between PX

4Q E AP 1 + Q-Y Px E P P.\fa Py EXY aPy

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