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Answer to Question #67149 in Microeconomics for Drew Scott
Question #67149
A firm’s demand function for good x is estimated as follows:-
Qx = 1800 –1/4Px + 1/8Py – 1/3Pz + 1/5Y
Where Qx represents quantity demanded of good x, Px is price of good x, Py is price of good y, Pz is price of good z and Y is income.
Explain whether the law of demand is valid here
Qx = 1800 –1/4Px + 1/8Py – 1/3Pz + 1/5Y
Where Qx represents quantity demanded of good x, Px is price of good x, Py is price of good y, Pz is price of good z and Y is income.
Explain whether the law of demand is valid here
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