Suppose the demand function for product X is estimated by the equation: QDX= -2PX + 0,5PY - 0,2PZ + 1,2I. In there: QDX is the quantity demanded of product X PX is the price of product X PY is the price of product Y PZ is the price of product Z I is the average income of consumers a/ Please make an argument to determine the relationship between two products X and Y, X and Z. b/ Please make an argument to determine whether product X is an ordinary good or a low-end good

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.