Economics Homework Help
Economics Homework Help. Using Excel, how do I show graph for the following?
The demand curve is given by
QD = 500 − 5PX + 0.5I + 10PY − 2PZ
where
QD = quantity demanded of good X
PX = price of good X
I = consumer income, in thousands
PY = price of good Y
PZ = price of good Z
a. Based on the demand curve above, is X a normal or an inferior good?
b. Based on the demand curve above, what is the relationship between good X and good Y?
c. Based on the demand curve above, what is the relationship between good X and good Z?
d. What is the equation of the demand curve if consumer incomes are $30,000, the price of good Y is $10, and the price of good Z is $20?
e. Graph the demand curve that you found in (d),showing intercepts and slope.
f. If the price of good X is $15, what is the quantity demanded? Show this point on your demand curve.
g. Now suppose the price of good Y rises to $15. Graph the new demand curve.
"Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!"
