If demand function for good X is given by X^D = 1500 - 1.3P, - 1, 8P + 2M then we know that?
- Own price elasticity is -1.3
- Goods X and Y are substitute to each other
- Goods X and Y are complements to each other
- Income Elasticity of X is -2
Explanation
- Demand function shows relation of quantity with price and income.
- Own price coefficient (-1.3) follows law of demand.
- Cross-price coefficient (-1.8) is negative → goods are complements.
- Income coefficient (+2) → good is normal.
Last verified on 24-04-2026
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