Qassume that py increases by 15 what percentage effect on

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Q. Assume that PY increases by 15%, what percentage effect on quantity demanded of product X could be expected?

Compute the income elasticity of demand for product X when I= $13,000. How could we categorize product X? Explain that do you consider commodity X a cyclical or non cyclical good? Explicate why.

Do you consider product X a luxury good or necessity? Explicate why.

Suppose the economy is in a recession and per capita disposable income is expected to decrease by 5%, then what percentage effect on sales would you expect to take place?

Reference no: EM13354172

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