Assume the demand function for good X can be written as Qd = 80 - 3Px - 6Py + 10I, where Px = the price of X, Py is the price of Y and I is consumer income
If the price of Y decreases by 5 dollars, what would the reduction in Px have to be in order to keep the quantity demanded of X unchanged by the change in the price of Y? A) decreased by 10 dollars
B) decreased by 5 dollars
C) decreased by 2.5 dollars
D) decreased by 1 dollar
A
Economics
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If a monopoly is operating on the demand curve where price elasticity is equal to -3, and price equals 3, then MR is equal to
A) -1. B) 1. C) -2. D) 2.
Economics
Refer to the below table. Nominal GDP rises faster than real GDP between years:
A.
1 and 2
B.
2 and 4
C.
4 and 5
D.
5 and 6
Economics