- 17 The Demand For Good X Is Estimated To Be Qxd 10 000 4px 5py 2m Ax Where Px Is The Price Of X Py I 1 (57.56 KiB) Viewed 72 times
= = • 17. The demand for good X is estimated to be Qxd = 10, 000 – 4Px + 5Py + 2M + Ax, where Px is the price of X, Py i
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= = • 17. The demand for good X is estimated to be Qxd = 10, 000 – 4Px + 5Py + 2M + Ax, where Px is the price of X, Py i
= = • 17. The demand for good X is estimated to be Qxd = 10, 000 – 4Px + 5Py + 2M + Ax, where Px is the price of X, Py is the price of good Y, M is income, and Ax is the amount of advertising on X. Suppose the present price of good X is $50, Py = $100, M = $25,000, and Ax= 1,000 units. Based on this information, the income elasticity of good X is:1 A. 0.008.V B. 0.082. C. 0.82.V D. 8.2.