Reference no: EM133599615

Question: R.C. Willey's economists report that the quantity demanded for their microfiber sofas is given by the equation below. P_{X} is own price, C and D are other expensive good sold in the store with prices P_{C} and P_{D} M is income, and is advertising expense. Q_{X} ^ D = 5738 - 10.9P_{X} - 9.6P_{C} + 4P_{D} + 0.018M + 0.45A How many microfiber sofas will they sell when P_{X} = 329 , P_{C} = 386; P_{D} = 770; M = 30700 , and A = 2340' ? On the following Elasticity calculations , give me three decimal places . What is the own price elasticity of demand at these input values ? What is the advertising elasticity of demand at these input values ? What is the income elasticity of demand at these input values ? What is the cross price elasticity of demand between X and C elasticity of demand at these input values ? What is the cross price elasticity of demand between X and D elasticity of demand at these input values ?