a demand function for a good is q=56.6-0.25p-0.4sp+0.6n Where q is quantity demand per week, p is the price per unit m is the average weekly income, ps is the price of a competing good and n is the population in millions. Given values are p=65, m=350, ps=60 and n= 24 1. Calculate the price elasticity of demand 2. Find out what would happen to(a) if n rose to 26 3.explain why this is inferior good 4.

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a demand function for a good is q=56.6-0.25p-0.4sp+0.6n
Where q is quantity demand per week, p is the price per unit m is the average weekly income, ps is the price of a competing good and n is the population in millions. Given values are p=65, m=350, ps=60 and n= 24
1. Calculate the price elasticity of demand
2. Find out what would happen to(a) if n rose to 26
3.explain why this is inferior good
4.

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