Determine the own price elasticity of demand

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Reference no: EM131172924

Suppose the demand function for a firm's product is given by In Qdx=7-1.5 InPx+2 In Py-0.5 In M + In A where Px=$15, Py=$6 M=$40,000 and A=$350 1-Determine the own price elasticity of demand, and state wheter demand is elastic, inelastic, or unitary elastic. 2-Determine the cross-price elasticity of demand between good X and good Y, and state whether these two goods are subsitutes or complements. 3-Determine the income elasticity of demand, and state wheter good X is a normal or inferior good. 4-Determine the own advertising elasticity of demand. I need to understand so please show ALL detail. Especially please show all elasticity formulas worked out, so I can understand how the answers were derived, please.

Reference no: EM131172924

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Determine the own price elasticity of demand : Suppose the demand function for a firm's product is given by In Qdx=7-1.5 InPx+2 In Py-0.5 In M + In A where Px=$15, Py=$6 M=$40,000 and A=$350. Determine the own price elasticity of demand, and state wheter demand is elastic, inelastic, or unitary e..

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