76 362
Assignments Done
Successfully Done
In May 2019

Answer to Question #67150 in Microeconomics for Drew Scott

Question #67150
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.
Expert's answer
the law of demand is valid here because when price of a good X increases, consumer demand for the good X will decrease

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!


No comments. Be first!

Leave a comment

Ask Your question

Privacy policy Terms and Conditions