What is the cross price elasticity of demand of goods

Assignment Help Econometrics
Reference no: EM13190281

The demand of product (X) is given Qx=14-3Px+4Py. Xsells for $5/unit and Y sells for $2.5/unit.
1 what is the cross price elasticity of demand between goods X & Y at these prices.
2 What is the own price elasticity of demand at these prices?
3 if the price of X chnged to $4.5/unit?

Reference no: EM13190281

Questions Cloud

High-performance network : A company is interested in upgrading its current core infrastructure, which comprises 2 100mbps switches which connect to a utility room that houses 8 100mbps switches wired with Ethernet Category 5 that run to each client machines.
Media reaction-multicultural matrix-analysis workssheet : Individual Assignment: Media Reaction • Resource: Completed Multicultural Matrix and Analysis Worksheet.
High-performance network : A company is interested in upgrading its current core infrastructure, which comprises 2 100mbps switches which connect to a utility room that houses 8 100mbps switches wired with Ethernet Category 5 that run to each client machines.
Define iodate in the presence of potassium iodide : In the titration of ascorbic acid with potassium iodate in the presence of potassium iodide, what happens when an excess of potassium iodate
What is the cross price elasticity of demand of goods : The demand of product (X) is given Qx=14-3Px+4Py. Xsells for $5/unit and Y sells for $2.5/unit. 1 what is the cross price elasticity of demand between goods X & Y at these prices. 2 What is the own price elasticity of demand at these prices
Define the product was then treated with toluene : The product was then treated with toluene. Will the product result in the formation of 1-hexene, ethyl hexyl ether (1-ethoxyhexane), or both? Please explain.
What range of payments will the beekeeper accept : What are the highest and lowest payments from the writer that the beekeeper farmer team will accept for the sixth day Assuming that the farmer can dispose of $7 from the writer as she wishes, what range of payments will the beekeeper accept
Create an oracle database : Populate your database with at least 3 rows of data and import your IDEF1X diagram into Oracle and create the appropriate tables and relationships.
The inhibitor is competitive inhibitor or a mixed inhibitor : Briefly describe experiments and expected outcomes to differentiate whether this inhibitor is a competitive inhibitor or a mixed inhibitor.

Reviews

Write a Review

Econometrics Questions & Answers

  What will be the depreciation charges

if the cost basis for a macrs 5-year property is $100000 and the equipment is sold for $20000 after 5 years of beneficial use, what will be the depreciation charges the 1st and 5th years and the book value at the end of the 5th year

  What was growth rate of nominal gdp between 1999 and 2000

Year nominal gdp gdp deflator ( base year 1996) 2000 9873 118 1999 9269 113 a.what was the growth rate of nominal gdp between 1999 and 2000 b.what was the growth rate of the gdp deflator between 1999 and 2000

  Setup a two-variable regression model

Setup a two-variable regression model (i.e. write down the PRF) to examine the impact of per capita disposable income on real per capita gasoline expenditures.

  How many boats will be built per year

On a tropical island there are 100 potential boat builders, numbered 1 through 100. Each can build up to20 boats a year, but anyone who goes into the boatbuilding business has to pay a fixed cost of $19. Marginal costs differ from person to person..

  Determine the units of labor to be hired

The production function F(L) = 6L^(2/3). Suppose that the cost per unit of labor is $8 and the price of output is 4, how many units of labor will the firm hire?

  What are general equilibrium values of real interest rate

An economy has full-employment output of Y%u0305 = 1850. Desired consumption and desired investment are: \(C^{d}= 500 + .5(Y-T)-100r\) \(I^{d}= 400 - 100r\) Government purchases and taxes are G = T = 200. Money demand is: \(M^{d}=P(.5Y-200i)\) The n..

  What is thurstons optimal consumption choice

suppose thurston, a color blind consumer, has 80$ to spend on either lime green or pink sweater. Thurston does not care what color sweater her wears but deems it very important to buy as many sweater as possible with the 80 $. Pink sweater cost 20..

  Determine the price elasticity of demand for heroin

The price elasticity of demand for heroin is .27. Suppose that half of the existing heroin users support their habits with property crime. Further, the loss from property crimes committed by heroin users equals half of the total spending (total r..

  Determine range of outputs over firms technology

The following data are available for output (Q) and Long Run Total Cost (LTC) for a firm. Using appropriate calculations determine the range of outputs over which the firm's technology exhibits Increasing, Decreasing or Constant Returns to Scale.

  What is the equivalent uniform annual cost of the 20-year

Maintenance expenditures for a structure with a 20-year life will come as periodic outlays for overhaul of $4,000 at the end of the 5th year, $6,000 at the end of the 10th year, and $7,500 at the end of the 15th year. With interest at 8%, what is ..

  How much surplus do producers receive

The supply curve for product X is given by QXS = -340 + 10PX . a. Find the inverse supply curve. P = + Q b. How much surplus do producers receive when Qx = 350? When Qx = 1,000?

  Compute vvgs or expected profit

Vincent van Gogh can produce paintings at constant marginal cost cV V G = 1. The population of buyers of VVG paintings is grouped into two categories: Serious Art Collectors (SAC) and Casual Art Collectors (CAC). The SAC to CAC population ratio is..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd