Paper Help  Suppose a firm has a demand function
Suppose a firm has a demand function

We offer online research paper help
Suppose a firm has a demand function Suppose a firm has a demand function for x given byQx=8002Px+Py+0.003Iwhere Px = price of x; Py = price of y; I = incomea) Calculate the price elasticity of demand for x when the price of x is $150, the price of y is $200, and income is $50,000.b) For the given prices and income above, the price elasticity of demand for x is (elastic / unitelastic / inelastic)c) Calculate the crossprice elasticity of demand for x with respect to the price of y when the price of x is $150, the price of y is $200, and income is $50,000.d) For the given prices and income above, goods x and y are (unrelated goods / complementary goods / substitute goods)e) Calculate the incomeprice elasticity of demand for x when the price of x is $150, the price of y is $200, and income is $50,000.f) For the given prices and income above, the income elasticity for x shows that x is (Neither of the other alternatives / an inferior good / a normal good)