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Assume the demand function for good X can be written as Qd = 80 - 3Px - 6Py + 10I, where Px = the ...

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Assume the demand function for good X can be written as Qd = 80 - 3Px - 6Py + 10I, where Px = the ...

Assume the demand function for good X can be written as Qd = 80 - 3Px - 6Py + 10I, where Px = the price of X, Py is the price of Y and I is consumer income. If the price of Y decreases by 5 dollars, what would the reduction in Px have to be in order to keep the quantity demanded of X unchanged by the change in the price of Y?
A) decreased by 10 dollars
B) decreased by 5 dollars
C) decreased by 2.5 dollars
D) decreased by 1 dollar

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Economics for Managers

Edition: 3^rd

Author: Farnham

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