Economics

You should reflect on what you have learned, rather than summarize. Although you may quote material from lectures and readings, this is best used to support your main arguments, not as a replacement for them. Include discussion of all lectures and readings, not just some. You don’t have to write the same amount on everything, […]

1. (20 points) (a) Given that the market demand for product X is Qd = f(Px, Py, M), where Qd is the quantity of product X demanded, Px is the unit price of product X, Py is the unit price of a related product Y, and M is the income of consumers of product X.