The demand for good X is given by:
Qxd = 6,000 – ½ Px – Py + 9Pz + 1/10 M
Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while
the average income of the individuals consuming this product is M = $70,000.
a. Indicate whether goods Y and Z are substitutes or complements for good X
b. Is X an inferior good?
c. How many units of good X will be purchased when Px = $5,320
d. Determine the demand function and the inverse demand function for good X