How many units of good X will be purchased when Px = $5230?

/in /by

Research shows that th Show more The demand for good X is given by QX d = 6000 (1/2)PX PY + 9PZ + (1/10)M Research shows that the prices of related goods are given by Py = $6500 and Pz = $100 while the average income of individuals consuming this product is M = $70000. a. Indicate whether goods Y and Z are substitutes or complements for good X. Good Y is: (Click to select) a substitute neither complement nor substitute a complement Good Z is: (Click to select) a substitute neither complement nor substitute a complement b. Is X an inferior or a normal good? Good X is: (Click to select) an inferior good a normal good neither a normal nor an inferior good c. How many units of good X will be purchased when Px = $5230? d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X. Demand function: PX Inverse demand function: PX = QX d Show less