Generalized demand and supply functions for good

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The generalized demand and supply functions for good X are Qxd = 100 – 2PX + 0.01M + 8 PY - 4Pz Qxs = 50 + 3PX – 6PI + PT Where Qxd = quantity demanded of good X Px = price of good X M = consumer income PY = price of good Y Pz= price of good Z Qxs = quantity supplied of good X Px = price of good X PI = price of input I PT = price of technology T a. Does the Law of Demand hold in this demand equation? How do you know? b. Does the Law of Supply hold in this supply equation? How do you know? c. Are good X and good Y substitutes or complements? How do you know? d. Are good X and good Z substitutes or complements? How do you know?

Reference no: EM131172395

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