A.3 Own Price Elasticity Question 1: The demand for Wanderlust Travel Services (good X) is estimated to be 44 Qx = 22000 - 2.5Px + 4Py- 1M + 1.5Ax. Where Qx is the quantity of good X, Px is the price of good X, Py is the price of good Y, M is consumer income, and Ax is the amount of advertising spent on X. Suppose the price of good X is $450, the price of good Y is $40, the company uses 3,000 units of advertising, and consumer income is $20,000. a. Calculate the own price elasticity of demand at these values of prices,

A.3 Own Price Elasticity Question 1: The demand for Wanderlust Travel Services (good X) is estimated to be 44 Qx = 22000 - 2.5Px + 4Py- 1M + 1.5Ax. Where Qx is the quantity of good X, Px is the price of good X, Py is the price of good Y, M is consumer income, and Ax is the amount of advertising spent on X. Suppose the price of good X is $450, the price of good Y is $40, the company uses 3,000 units of advertising, and consumer income is $20,000. a. Calculate the own price elasticity of demand at these values of prices,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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