47) The demand for good X has been estimated by Qxd = 6 - 2Px + 5Py. Suppose that good 47)X sells at $3 per unit and goodY sells for $2 per unit. Calculate the own price elasticity.-A) -0.6B) -0.5C) -0.4D) -0.3

Given: The demand for good X is: Qxd = 6 - 2Px + 5Py The good X sells at = $3 per unit The good Y…

47) The demand for good X has been estimated by Qxº = 6- 2Px + 5Py. Suppose that good X sells at $3 per unit and good Y sells for $2 per unit. Calculate the own price elasticity. A) -0.6 B) -0.5 C) -0.4 D) -0.3

47) The demand for good X has been estimated by Qxº = 6- 2Px + 5Py. Suppose that good X sells at $3 per unit and good Y sells for $2 per unit. Calculate the own price elasticity. A) -0.6 B) -0.5 C) -0.4 D) -0.3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

47) The demand for good X has been estimated by Qxd = 6 - 2Px + 5Py. Suppose that good 47)
X sells at $3 per unit and goodY sells for $2 per unit. Calculate the own price elasticity.
-
A) -0.6
B) -0.5
C) -0.4
D) -0.3

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