Answer to Question #67150 in Microeconomics for Drew Scott
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.
the law of demand is valid here because when price of a good X increases, consumer demand for the good X will decrease