For the demand function Q = 700 – 7P+3A³ + 0.008Y2 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 = 6, A=3 and Y = 90 %3D 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 is a substitute or a complement? nter non-integer numerical values as decimals to at least 3 decimal placès. Note: you must use a. and ot , for a decimal point.

For the demand function Q = 700 – 7P+3A³ + 0.008Y2 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 = 6, A=3 and Y = 90 %3D 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 is a substitute or a complement? nter non-integer numerical values as decimals to at least 3 decimal placès. Note: you must use a. and ot , for a decimal point.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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