Suppose that demand for a good depends on its price (p), the price of alternative good (pa), and the income of consumers (y). given the demand function q = 100-2p +pa+0.1 y
find the price elasticity of demand where p=10, pa= 12 and y=1000
b. find the income elasticity of demand where p=10, pa= 12 and y=1000

a)

b)  income elasticity = 0.521

Step-by-step explanation:

Since we have given that

Demand function is stated as

Here, P stands for price.

stands for price of alternative good

Y stands for income of consumers

1) we have given that

P=10, PA= 12 and Y=1000

So, Q becomes

Price elasticity of demand would be

Hence,

2) P=10, PA= 12 and Y=1000

So, Income elasticity of demand would be

Hence, income elasticity = 0.521

let's cover over the formula of the vertex:

y = a(x – h)^2 + k

in this formula, (h,k) are the vertex, always remember that the positive or negative value of the vertex is based on the sign it has.

for example, if the vertex is -3,-6 then both the x and y value would have the positive sign attached to it and if it were a positive x and y value, then a negative sign would be attached to it.

with that being said, for our problem the x value is a positive one so we are looking for a number with a negative sign next to it, in this case the first and second choice.

however, for the first answer choice it isn't quite part of the formula so we know that the answer choice correctly displays the x value.

to confirm, we can see if the -1 fits correctly with the second answer choice, and as mentioned above a negative number will have a positive sign attached to it. so, for our problem we can see that -1 has been changed to +1, so we can confirm that the second answer choice is correct.

hence, our final answer is y=(x - 1)^2 + 1

y = 3x+4

step-by-step explanation:

to find the slope

slope = (y2-y1)/ (x2-x1)

    = (-8-4)/ (-4-0)

    = -12/-4

  = 3

using the slope intercept form of a line

y= mx+b

we know the slope is 3

we know the y intercept is 4 ( the point where it crosses the y axis or x=0)

y = 3x+4