Q.No.2 Given Q, = 50 – 5P, – 15P, – 50P, – 0.199Y, whereas P1, P2, P3 are prices and y is consumer income at a specific time. P1=50, P2=70 P3= 60 and Y= 15000 (a)Use price and income elasticity's determine the relationship between good's? (b) Determine the effect on Q1 of a 10 percent price increase for each of the other goods individually. (cComprehensively co mments on vour results
Q.No.2 Given Q, = 50 – 5P, – 15P, – 50P, – 0.199Y, whereas P1, P2, P3 are prices and y is consumer income at a specific time. P1=50, P2=70 P3= 60 and Y= 15000 (a)Use price and income elasticity's determine the relationship between good's? (b) Determine the effect on Q1 of a 10 percent price increase for each of the other goods individually. (cComprehensively co mments on vour results
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Q.No.2
Given Q, = 50 – 5P, – 15P, – 50P, – 0.199Y, whereas P1, P2, P3 are prices
and y is consumer income at a specific time.
Pı=50, P2=70 P3= 60 and Y= 15000
(a)Use price and income elasticity's determine the relationship between
good's?
(b) Determine the effect on Q1 of a 10 percent price increase for each of the
other goods individually.
(c Comprebensively comments on vour results](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3757e376-b818-4b9e-90b9-ba448bb00387%2Fae57b1b8-1740-424a-97d8-308a1f669e05%2Fj1tfjm6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Q.No.2
Given Q, = 50 – 5P, – 15P, – 50P, – 0.199Y, whereas P1, P2, P3 are prices
and y is consumer income at a specific time.
Pı=50, P2=70 P3= 60 and Y= 15000
(a)Use price and income elasticity's determine the relationship between
good's?
(b) Determine the effect on Q1 of a 10 percent price increase for each of the
other goods individually.
(c Comprebensively comments on vour results
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