Math/Physic/Economic/Statistic Problems



You are given the following demand for European luxury automobiles:Q=1000PA-0.93Pat1/40.75Py1/41.21^1.6 where Q is the demand for European luxury automobiles P price of European luxury automobiles Pa price of American luxury automobiles Pj price of Japanese luxury automobiles I annual income of car buyers
Comment on the degree of substitutability between European and American luxury cars and between European Japanese luxury cars. Explain some possible reasons for the results in the equation


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