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Consider the market for electricity. The monthly demand for electricity is given by:
Q = a + bP + cPg + dI,
where Q is the quantity of electricity consumed per month, P is the price of electricity, Pg is the price of natural gas, and I is income.
a. Explain what sign you would expect the coefficients b, c and d to have.
b. Suppose you have the following information.
Variable
Description
Value
P
price of electricity
$0.10
Q
quantity demanded
1,200
Pg
price of natural gas
$0.15
I
income
$3,000
ee
price elasticity of demand for electricity
-1.2
eeg
cross-price elasticity of demand for electricity with respect to price of natural gas
0.20
eI
income elasticity of demand for electricity
Derive the demand curve for electricity.
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