For the demand function Q = 800 - 6P +2A² – 0.005Y² where P is the price of the good, A is the alternative price of an alternative good, and Y the income of the consumers. When. P = 5, A = 5 and Y = 120 - 1. the price elasticity of demand is 2. the cross-price elasticity of demand is 3. the income elasticity of demand is 4. Is the good superior or inferior? 5. Is the alternative good a substitute or a complement?
For the demand function Q = 800 - 6P +2A² – 0.005Y² where P is the price of the good, A is the alternative price of an alternative good, and Y the income of the consumers. When. P = 5, A = 5 and Y = 120 - 1. the price elasticity of demand is 2. the cross-price elasticity of demand is 3. the income elasticity of demand is 4. Is the good superior or inferior? 5. Is the alternative good a substitute or a complement?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:For the demand function
Q = 800 - 6P +2A² -0.005Y²
where P is the price of the good, A is the
alternative price of an alternative good, and Y
the income of the consumers.
When. P = 5, A = 5 and Y = 120
1. the price elasticity of demand is
2. the cross-price elasticity of demand is
3. the income elasticity of demand is
4. Is the good superior or inferior?
5. Is the alternative good a substitute or
complement?
Enter non-integer numerical values as
decimals to at least 3 decimal
places. Note: you must use a . and not, for a
decimal point.
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