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Answer to Question #71654 in Microeconomics for Dickson
Question #71654
Qdx = 500 - 5Px + 0.5I + 10Py - 2Pz
1. based on the demand function above, what is the relationship between commodity x and commodity y
2. based on the demand function above, is commodity x a normal good or an inferior good. explain your answer
1. based on the demand function above, what is the relationship between commodity x and commodity y
2. based on the demand function above, is commodity x a normal good or an inferior good. explain your answer
Expert's answer
1. x and y are substitutes
2. x is normal good, because if income increases Qdx will increase
2. x is normal good, because if income increases Qdx will increase
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