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Increase in the price of gasoline

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QT = 200 - 0.01PT + 0.005PM - 10PG +0.01I + 0.003A where QT = quantity purchased, PT = the average price of Toyotas, PM = the average price of mazdas, PG = the price of gasoline, I = per capita income, and A = dollars spent annually on advertising.

Write the mathematical symbol representing the coefficient of the price of gas (the numerical value of this coefficient is -10, but the answer you give is to be the symbol for this partial derivative).

Assuming there is a $1 increase in the price of gasoline, what change in Toyota demand will result (give the numerical value, too)?

Reference no: EM132168915

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