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a. The demand curve is given by
Qd = 740 – 4Px – 0.6I + 8Py – 2Pz
Qd = quantity of demand for good X
Px = price of good X
I = consumer income, in thousands of Ringgit Malaysia (RM)
Py = Price of good Y
Pz = Price of good Z
i. Based on the demand curve above, is X a normal good or an inferior good?
ii. Based on the demand curve above, what is the relationship between good X and good Z? Use the equation to interpret the precise relationship between Good X and Good Z.
iii. What is the equation of the demand curve if consumer incomes are RM40,000, the price of good Y is RM12, and the price of good Z is RM20?
iv. Draw a graph of the demand curve you found in (iv), showing the intercepts and slope.
v. The supply curve is given as Qs = -120 + 5Px. Draw the supply curve on the same graphs as above, showing the intercepts and slope.
vi. What is the equilibrium quantity and price? Show this point on your demand curve.