Reference no: EM1320464
Q. The general linear demand for good X is estimated to be Q= 250,000 - 500P - 1.50M - 240PR Where P is the price of good X, M is average income of consumers who buy good X also PR is the price of related good R. The values of P, M also PR are expected to be $200, $60,000 also $100, respectively. Utilize these values at this point on demand to make the subsequent computations.
a. Compute the quantity of good X demanded for the given values of P, M also PR .
b. Compute the price elasticity of demand Ep. at this point on the demand for X, is demand elastic, inelastic or unitary elastic? Elucidate how would increasing the price of X affect total revenue? Explain.
c. Compute the income of elasticity of demand EM. Is good X normal or inferior? Explain Elucidate how a 4 percent increase in income would affect demand for X, all other factors affecting the demand for X remaining the same.
d. Compute the cross-price elasticity.EXR Are the goods X also R substitutes or complements? Explain Elucidate how a 5 percent decrease in the price of related good R would affect demand for X, all other factors affecting the demand for X remaining the same.
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