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
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
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 18SQ
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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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