Question

d. Suppose the demand function for good X is given by: Qdx = 15 - 0.5Px - 0.8Py where Qdx is the quantity demanded of good X, Px is the price of good X, and Py is the price of good Y, which is related to good X. i. if the price of good Y is $10 and the price of good X decreases from $5 to $3, what is the price elasticity of demand for good X? Is the demand elastic, unitary elastic, or inelastic? ii. Good X and Good Y are related as? iii. if the price of good X is $10 and the price of good Y increases from $8 to $10, the cross price elasticity of demand about? e. Consider the supply curve below. i. What is the price elasticity of supply between $15 and $25? ii. What is the price elasticity of supply between $25 and $35? iii. What is the price elasticity of supply between $5 and $15? I ?Price 55 50 Supply 45 40 35 30 25 20 15 10 5 5 10 15 20 25 30 35 40 Quantity

          d. Suppose the demand function for good X is given by: Qdx = 15 - 0.5Px - 0.8Py where Qdx is
the quantity demanded of good X, Px is the price of good X, and Py is the price of good Y, which
is related to good X.
i. if the price of good Y is $10 and the price of good X decreases from $5 to $3, what is the price
elasticity of demand for good X? Is the demand elastic, unitary elastic, or inelastic?
ii. Good X and Good Y are related as?
iii. if the price of good X is $10 and the price of good Y increases from $8 to $10, the cross price
elasticity of demand about?
e. Consider the supply curve below.
i. What is the price elasticity of supply between $15 and $25?
ii. What is the price elasticity of supply between $25 and $35?
iii. What is the price elasticity of supply between $5 and $15?
I
?Price
55
50
Supply
45
40
35
30
25
20
15
10
5
5 10 15 20 25 30 35 40 Quantity

d. Suppose the demand function for good X is given by: Qdx = 15 - 0.5Px - 0.8Py where Qdx is
the quantity demanded of good X, Px is the price of good X, and Py is the price of good Y, which
is related to good X.
i. if the price of good Y is 10 and the price of good X decreases from5 to 3, what is the price
elasticity of demand for good X? Is the demand elastic, unitary elastic, or inelastic?
ii. Good X and Good Y are related as?
iii. if the price of good X is10 and the price of good Y increases from 8 to10, the cross price
elasticity of demand about?
e. Consider the supply curve below.
i. What is the price elasticity of supply between 15 and25?
ii. What is the price elasticity of supply between 25 and35?
iii. What is the price elasticity of supply between 5 and15?
I
?Price
55
50
Supply
45
40
35
30
25
20
15
10
5
5 10 15 20 25 30 35 40 Quantity

Added by Denise B.

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