Find the demand equation for Good Z in terms of the price for Z (Pz), when Y is $50 and Pw = $6.
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Answer: This is a simple substitution question. Substitute those two values into our demand equation:
Qz = 150 - 8Pz + 2Y - 15Pw
Qz = 150 - 8Pz + 2*50 - 15*6
Qz = 150 - 8Pz + 100 - 90
Simplifying gives us:
Qz = 160 - 8Pz
which is our final answer.
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