demand function for Product X is given by: Qdx = 10 + 0.06I - 2Px - 0.5Py + 0.7Pz  where Px  Price of good X $9.00  Py Price of related good Y  $4.00 Pz Price of related good Z $10.00  I Income  $250.00  a. (i) Calculate the own Price elasticity of demand (PED) for

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Chapter1: Making Economics Decisions
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The demand function for Product X is given by: Qdx = 10 + 0.06I - 2Px - 0.5P+ 0.7Pz  where Px  Price of good X $9.00 

Py Price of related good Y  $4.00

Pz Price of related good Z $10.00 

I Income  $250.00 

a. (i) Calculate the own Price elasticity of demand (PED) for Good X.           

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