The demand for goodXis given by

Q_X^d= 6,000 - (1/2)P_X- P_Y+ 9P_Z+ (1/10)M

Research shows that the prices of related goods are given byP_y= $6,500 andP_z= $100, while the average income of individuals consuming this product isM= $70,000.

a. Indicate whether goodsYandZare substitutes or complements for goodX.

Good Y is:

(Click to select)

neither complement nor substitute

a substitute

a complement

.

Good Z is:

(Click to select)

neither complement nor substitute

a complement

a substitute

.

b. IsXan inferior or a normal good?

Good X is:

(Click to select)

neither a normal nor an inferior good

an inferior good

a normal good

.

c. How many units of goodXwill be purchased whenP_x= $5,230?

d. Determine the demand function and inverse demand function for goodX. Graph the demand curve for goodX.

Instruction:Enter all values as integers, or if needed, a decimal rounded to one decimal place.

Demand function:-P_X

Inverse demand function: P_X=-Q_X^d

Instruction:Use the tool provided 'D' to graph the inverse demand curve from Q_X= 0 to Q_X= 6,000 (two points total).

How should be the graph quantity x -axis and price Y -axis