1. Suppose the supply function for product X is given by QxS = - 50 + 0.5Px - 5Pz. How much of product X is produced when Px $500 and Pz $30? *   - 50 +50 150 None of the above     2. An economist estimated the cross-price elasticity for peanut butter and jelly to be 1.5 . Based on this information , we know the goods are *       inferior goods complements inelastic substitutes

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1. Suppose the supply function for product X is given by QxS = - 50 + 0.5Px - 5Pz. How much of product X is produced when Px $500 and Pz $30? *
 
- 50
+50
150
None of the above
 
 
2. An economist estimated the cross-price elasticity for peanut butter and jelly to be 1.5 . Based on this information , we know the goods are *
 
 
 
inferior goods
complements
inelastic
substitutes
 


 
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