{"id":1012,"date":"2017-10-20T10:04:49","date_gmt":"2017-10-20T04:04:49","guid":{"rendered":"https:\/\/mcqacademy.com\/en\/mcq\/the-demand-for-good-x-is-estimated-to-be-demand-for-good-x\/"},"modified":"2017-10-20T10:04:49","modified_gmt":"2017-10-20T04:04:49","slug":"the-demand-for-good-x-is-estimated-to-be-demand-for-good-x","status":"publish","type":"mcq","link":"https:\/\/mcqacademy.com\/en\/mcq\/the-demand-for-good-x-is-estimated-to-be-demand-for-good-x\/","title":{"rendered":"The demand for good X is estimated to be &#8230;demand for good X?"},"content":{"rendered":"<div class=\"tb f769\">\n<span class=\"tx\">The demand for good X is estimated to be Q<\/span><span class=\"tx\">X<\/span><span class=\"tx\">d<\/span><span class=\"tx\">\u00a0= 10,000 &#8211; 4P<\/span><span class=\"tx\">X<\/span><span class=\"tx\">\u00a0+ 5P<\/span><span class=\"tx\">Y<\/span><span class=\"tx\">\u00a0+ 2M + A<\/span><span class=\"tx\">X,<\/span><span class=\"tx\">\u00a0where P<\/span><span class=\"tx\">X<\/span><span class=\"tx\">is the price of X, P<\/span><span class=\"tx\">Y<\/span><span class=\"tx\">\u00a0is the price of good Y, M is income and A<\/span><span class=\"tx\">X<\/span><span class=\"tx\">\u00a0is the amount of advertising<\/span><span class=\"tx\">on X. Suppose the present price of good X is $50, P<\/span><span class=\"tx\">Y<\/span><span class=\"tx\">\u00a0= $100, M = $25,000, and A<\/span><span class=\"tx\">X<\/span><span class=\"tx\">\u00a0= 1,000<\/span><span class=\"tx\">units. What is the own-price elasticity of demand for good X?<\/span><\/div>\n","protected":false},"author":34,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","topic":[61],"subject":[5],"education_level":[],"class_list":["post-1012","mcq","type-mcq","status-publish","hentry","topic-quantitative-demand-analysis","subject-managerial-economics"],"mcq_note":"<span class=\"tx\">The demand for good X is estimated to be Q<\/span><span class=\"tx\">X<\/span><span class=\"tx\">d<\/span><span class=\"tx\">\u00a0= 10,000 - 4P<\/span><span class=\"tx\">X<\/span><span class=\"tx\">\u00a0+ 5P<\/span><span class=\"tx\">Y<\/span><span class=\"tx\">\u00a0+ 2M + A<\/span><span class=\"tx\">X,<\/span><span class=\"tx\">\u00a0where P<\/span><span class=\"tx\">X<\/span><span class=\"tx\">is the price of X, P<\/span><span class=\"tx\">Y<\/span><span class=\"tx\">\u00a0is the price of good Y, M is income and A<\/span><span class=\"tx\">X<\/span><span class=\"tx\">\u00a0is the amount of advertising<\/span><span class=\"tx\">on X. Suppose the present price of good X is $50, P<\/span><span class=\"tx\">Y<\/span><span class=\"tx\">\u00a0= $100, M = $25,000, and A<\/span><span class=\"tx\">X<\/span><span class=\"tx\">\u00a0= 1,000<\/span><span class=\"tx\">units. the own-price elasticity of demand for good X is<\/span><span class=\"tx f722\">A<\/span><span class=\"tx\">. -0.003.<\/span>","mcq_options":[{"right":"yes","answer":" -0.003"},{"right":"no","answer":" -0.03"},{"right":"no","answer":" -0.3"},{"right":"no","answer":" -3"}],"multi_answers":"no","subject_terms":[{"id":5,"title":"Managerial Economics","slug":"managerial-economics"}],"topic_terms":[{"id":61,"title":"Quantitative Demand Analysis","slug":"quantitative-demand-analysis"}],"_links":{"self":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/mcq\/1012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/mcq"}],"about":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/types\/mcq"}],"author":[{"embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/comments?post=1012"}],"wp:attachment":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/media?parent=1012"}],"wp:term":[{"taxonomy":"topic","embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/topic?post=1012"},{"taxonomy":"subject","embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/subject?post=1012"},{"taxonomy":"education_level","embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/education_level?post=1012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}