4. The demand for good Xis given by Q=1,200-P P+1 P,-8P, +11 M 8P₂+ 10 Research shows that the prices of related goods are given by Py = $5,900 and P, = $90, while the average income of individuals consuming this product is M = $55,000. a. Indicate whether goods Y and Z are substitutes or complements for good X. b. Is X an inferior or a normal good? c. How many units of good X will be purchased when Px = $4,910? d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.

Economists define normal goods as having a positive income elasticity. We can divide normal goods into two types: Those whose income elasticity is less than one and those whose income elasticity is greater than one. Think about products that would fall into each category. Can you come up with a name for each category?

Please written by hand solution The demand for good X is given by   QXd = 6,000 - (1/2)PX - PY + 9PZ + (1/10)M   Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000.   a. Indicate whether goods Y and Z are substitutes or complements for good X.   Good Y is: (Click to select) a substitute neither complement nor substitute a complement .   Good Z is: (Click to select) a complement a substitute neither complement nor substitute .   b. Is X an inferior or a normal good?   Good X is: (Click to select) an inferior good neither a normal nor an inferior good a normal good .   c. How many units of good X will be purchased when Px = $5,230?       d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.   Instruction: Enter all values as integers, or if needed, a decimal rounded to one decimal place.     Demand function: ( ) - ( ) PX…

Which of the following combinations best describes the effects.of a consumer income increase on the market demand for a f1ormal and aninferior good? Demand increases for the normal good, and denand decreases for the nfenor good. b. Demand increases for the normal good, and demand does not change for the inferior good. c. Demand decreases for the normal good, and demand decreases for the inferior good.