The demand for good X is given by

Qd = 1200 – 1/2P + 1/4P - 8P + 1/10M

x x y z

Research shows that the prices of related goods are given by Py = $5,900 and Pz = $90, while the average income of individuals consuming this product is M = $55,000.

a. Indicate whether goods Y and Z are substitutes or complements for good X.

b. Is X an inferior or normal good?

c. How many units of good X will be purchased when Px = $4,910?

d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.

Qd = 1200 – 1/2P + 1/4P - 8P + 1/10M

x x y z

Research shows that the prices of related goods are given by Py = $5,900 and Pz = $90, while the average income of individuals consuming this product is M = $55,000.

a. Indicate whether goods Y and Z are substitutes or complements for good X.

b. Is X an inferior or normal good?

c. How many units of good X will be purchased when Px = $4,910?

d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.

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