Answer Happy

The extended demand function of good X is: QDX = 1400 - 20 PX -
10 PY + 0.1 M where: QDX = quantity demanded of good X, PX = Price
of good X, M = Average consumer income, and PY = Price of related
good Y (related in consumption to good X). If M = 10,000, PY = 50,
and PX = 50; then QDX = __? and if M = 10,000, PY = 50, and PX = 60
then QDX = __?
900, 800
800, 700
900, 700
800, 800
The extended demand function of good X is: QDX = 1400 - 20 PX -
10 PY + 0.1 M where: QDX = quantity demanded of good X, PX = Price
of good X, M = Average consumer income, and PY = Price of related
good Y (related in consumption to good X). In problem 9, you
calculated QDX if M = 10,000, PY = 50, and PX = 50 and you
calculated QDX if M = 10,000, PY = 50, and PX = 60. Using the two
prices for PX and your calculated two quantities demanded of good
(QDX), what is the value of the price elasticity of demand between
these two points on the demand curve for good X (using the arc
elasticity formula).
-1.537
-1.230
-1.375
-1.872