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Determine the sign of the income and cross-price elasticity]

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ECONOMICS 110/111True or False? Suppose the demand function

ECONOMICS 110/111True or False? Suppose the demand function

Question
ECONOMICS 110/111True or False? Suppose the demand function for some good X is given by QDx = 1000 – 5Px + 3Py + 12M, where QDx is the quantity of x demanded, Px is its price, Py is the price of good Y, and M is average consumer income. This good is normal and goods X and Y are substitutes. [Hint: Determine the sign of the income and cross-price elasticity]. Please show/explain your steps. ECONOMICS 110/111Suppose the demand function for some good X is given by QDx = 1000 – 5Px + 3Py + 12M, where QDx is the quantity of x demanded, Px is its price, Py is the price of good Y, and M is average consumer income. This good is normal and goods X and Y are substitutes. [Hint: Determine the sign of the income and cross-price elasticity]

ECONOMICS 110/111True or False? Suppose the demand function

 
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