Subjective Questions on The demand for good X is estimated to be Q 250 000 500P 1 5M 240PR where M is the average consumer i........... for Indian Economic Service Preparation

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Subjective Questions

The demand for good X is estimated to be Q 250 000 500P 1 5M 240PR where M is the average consumer i...........

Economics-I Mathematical Methods in Economics
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    The demand for good X is estimated to be Q = 250,000 - 500P - 1.5M - 240PR, where M is the (average) consumer income and PR is the price of a related good Y. The value of P, M and PR are expected to be Rs 200, Rs 60,000 and Rs 100 respectively. 

    Calculate the price elasticity of demand , income elasticity of demand and cross price elasticity. ( 5 Marks) (100 words)

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