Question #51471

Your question (max 1024 symbols)Given the following estimated demand equation,

Where Qy is the quantity demanded of good Y, Py is the price of good Y, I is the income of the consumer, Px, Pw and Pz are the prices of good X, W and Z respectively. Py = 100, Pw = 300, Pz = 400, Px =100 and M = 40,000. Compute

1. income elasticity of demand

2. own-price elasticity of demand

3. three cross-price elasticity of demand.

Where Qy is the quantity demanded of good Y, Py is the price of good Y, I is the income of the consumer, Px, Pw and Pz are the prices of good X, W and Z respectively. Py = 100, Pw = 300, Pz = 400, Px =100 and M = 40,000. Compute

1. income elasticity of demand

2. own-price elasticity of demand

3. three cross-price elasticity of demand.

Expert's answer

Dear William, The estimated demand equation is missed in the question. Thereby it's impossible to answer on it.

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