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A demand function is given by: q = 3y+2y? -6p² - 5p-4 4. y>0 where q is quantity demanded, p is price and y is the income: (i) Find the slope of demand curve. (ii) Is the commodity normal or inferior?

A demand function is given by: q = 3y+2y? -6p² - 5p-4 4. y>0 where q is quantity demanded, p is price and y is the income: (i) Find the slope of demand curve. (ii) Is the commodity normal or inferior?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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A demand function is given by: q = 3y+2y? -6p? - 5p-4 4, y>0 where q is quantity demanded, p is price and y is the income: (i) Find the slope of demand curve. (ii) Is the commodity normal or inferior? (iii) Is the reaction of demand to price is independent of the level of income?
Transcribed Image Text:A demand function is given by: q = 3y+2y? -6p? - 5p-4 4, y>0 where q is quantity demanded, p is price and y is the income: (i) Find the slope of demand curve. (ii) Is the commodity normal or inferior? (iii) Is the reaction of demand to price is independent of the level of income?
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