If we assume the price of the related good is held fixed at $10 and that income is held fixed at $40,000, calculate the quantity demanded when its price is $2. Round your answer to the nearest whole number as needed.

If we assume the price of the related good is held fixed at $10 and that income is held fixed at $40,000, calculate the quantity demanded when its price is $2. Round your answer to the nearest whole number as needed.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 19QP

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Question

Consider the following demand equation:
= 206 - 15p - 10po + 0.18Y
Here, p is the price of the good, po is the price of
a related good, and Y is income.
If we assume the price of the related good is
held fixed at $10 and that income is held fixed
at $40,000, calculate the quantity demanded
when its price is $2. Round your answer to the
nearest whole number as needed.

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