a. The demand curve is given by
Qd = 740 – 4Px – 0.6I + 8Py – 2Pz
Qd = quantity of demand for good X
Px = price of good X
I = consumer income, in thousands of Ringgit Malaysia (RM)
Py = Price of good Y
Pz = Price of good Z
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i. Based on the demand curve above, is X a normal good or an inferior good?
ii. Based on the demand curve above, what is the relationship between good X and good Z? Use the equation to interpret the precise relationship between Good X and Good Z.
iii. What is the equation of the demand curve if consumer incomes are RM40,000, the price of good Y is RM12, and the price of good Z is RM20?
iv. Draw a graph of the demand curve you found in (iv), showing the intercepts and slope.
v. The supply curve is given as Qs = -120 + 5Px. Draw the supply curve on the same graphs as above, showing the intercepts and slope.
vi. What is the equilibrium quantity and price? Show this point on your demand curve. Get Economics homework help today
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