Order the answer to: Suppose the demand function for a firm’s product is given

Academic Writing business-economics Order the answer to: Suppose the demand function for a firm’s product is given

business-economics

Order the answer to: Suppose the demand function for a firm’s product is given

Question Suppose the demand function for a firm’s product is given by ln Q = 7 1.5 ln P + 2 ln P – 0.5 ln M + ln A Where P = $ 15, P = $ 6, M = $ 40,000, and A = $ 350. a. Determine the own price elasticity of demand, and state whether demand is elastic, inelastic, or unitary elastic. b. Determine the cross- price elasticity of demand between good X and good Y, and state whether these two goods are substitutes or complements. c. Determine the income elasticity of demand, and state whether good X is a normal or inferior good. d. Determine the own advertising elasticity of demand.
Subject business-economics
Ready to try a high quality writing service? Get a discount here