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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
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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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.
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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