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Q 70 ndash 35p ndash 06m 4pzwhere circq is the estimated

The estimated market demand for good X is

ˆQ = 70 – 3.5P – 0.6M + 4Pzwhere ˆQ is the estimated number of units of good X demanded, P is the price of the good, M is income, and Pz is the price of related good Z. (All parameter estimates are statistically significant at the 1 percent level.)

a. Is X a normal or an inferior good? Explain

b. Are X and Z substitutes or complements? Explain.

c. At P = 10, M = 30 and Pz = 6, compute estimates for the price (?) income, (?M), and cross-price elasticties (?

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Solution Preview :

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Microeconomics: Q 70 ndash 35p ndash 06m 4pzwhere circq is the estimated

Reference No:- TGS0656167

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Q 70 ndash 35p ndash 06m 4pzwhere circq is the estimated

Reference No:- TGS0656167

Recent Questions Asked Microeconomics

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