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Madi2277
Madi2277
18.09.2019 • 
Business

Consider the following demand function for airline tickets (quantities are in thousands): upper q equals 10 minus 0.1 p subscript x baseline plus 0.4 p subscript y baseline plus 0.25 p subscript z baseline plus 0.005 upper y, where px = price of an airline ticket py = price of a bus ticket q = quantity demanded pz = price of gasoline y = consumer income according to the above equation, airline tickets and bus tickets are ▼ goods. if, in equilibrium, the cross-price elasticity between airline tickets and gasoline is 1.9; when the price of the gasoline increases by 1%, the quantity demanded of airline tickets increases by nothing% (enter your response rounded to two decimal places).

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