Consider the following demand function for good 'X':Q = 9-0.1p, - Py + 0.01p, + 0.001Y, wherePrice of a related good, P= $3Price of a related good, P, = $275Own price, P,= $30Quantity demanded = 35.75Consumer income, Y = $30,000The income elasticity of demand, E, when eguilibrium quantity is 35.75 units and income is $30,000 is equal to. (Enter a numeric response using a real numberrounded to three decimal places.)O etvMacBook AirDIIDD80F10F7F8F4F5F2F3EI$%&!@79134QWERTYDFHJKACVNMcommandtioncommand.. .-V -* 00* :

Consider the following demand function for good 'X": Q= 9-0.1p, -Py + 0.01p, + 0.001Y, where Own price, P, = $30 Quantity demanded = 35.75 Price of a related good, P,= $3 Price of a related good, P, $275 Consumer income, Y = $30,000 The income elasticity of demand, E, when equilibrium quantity is 35.75 units and income is $30,000 is equal to (Enter a numeric response using a real number rounded to three decimal places.)

Consider the following demand function for good 'X": Q= 9-0.1p, -Py + 0.01p, + 0.001Y, where Own price, P, = $30 Quantity demanded = 35.75 Price of a related good, P,= $3 Price of a related good, P, $275 Consumer income, Y = $30,000 The income elasticity of demand, E, when equilibrium quantity is 35.75 units and income is $30,000 is equal to (Enter a numeric response using a real number rounded to three decimal places.)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 6E

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