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The demand for good X is estimated to be Qxd = 5,000 - 5PX +3PY + 2M + AX, where PX is...

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maryrr | eNotes Newbie

Posted September 24, 2013 at 8:16 PM via web

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The demand for good X is estimated to be Qxd = 5,000 - 5PX +3PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $25, PY = $50, M = $30,000, and AX = 500 units. What is the own-price elasticity of demand for good X? 

I am having problems solving it can you please show me the steps to get the answer

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