he demand for your product has been estimated to be Qdx = 7,880 – 4Px – 2Py + Pz – 0. The relevant price and income data are as follows: Px = 10, Py…

he demand for your product has been estimated to be Qdx = 7,880 – 4Px – 2Py + Pz – 0.1M. The relevant price and income data are as follows: Px = 10, Py = 15, Pz = 50, M = 40,000.a. Which goods are substitutes for X? Which are complements? Why?b. Is X an inferior or a normal good? Why?c. How much X will be purchased? Why?d. Graph the demand curve for X given the above information.e. How will the demand curve change if M falls to 35,000? Why?

 
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