The interest for great X is given by QXd = 6,000 - (1/2)PX - PY + 9PZ
Question:
The interest for great X is given by
QXd = 6,000 - (1/2)PX - PY + 9PZ + (1/10)M
Examination shows that the costs of related merchandise are given by Py = $6,500 and Pz = $100, while the normal pay of people devouring this item is M = $70,000.
a. Show whether products Y and Z are substitutes or supplements for great X.
Great Y is: (Click to choose) a substitute neither supplement nor substitute a supplement .
Great Z is: (Click to choose) neither supplement nor substitute a substitute a supplement .
b. Is X a second rate or an ordinary decent?
Great X is: (Click to choose) an ordinary decent neither a typical nor a substandard decent a sub-par great .
c. What number of units of good X will be bought when Px = $5,230?
d. Decide the interest capacity and converse interest work for great X. Diagram the interest bend for great X.
Guidance: Enter all qualities as numbers, or if necessary, a decimal adjusted to one decimal spot.
Request work: - PX
Opposite request work: PX = - QXd
Guidance: Use the device gave 'D' to diagram the reverse interest bend from QX = 0 to QX = 6,000 (two focuses absolute).
Managerial Economics and Business Strategy
ISBN: 978-0073523224
8th edition
Authors: Michael Baye, Jeff Prince