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Given the following demand function Qdx= 500-0.5Px+2Py+5Pz+0.1M and that Py= $300, Pz= $100 and M= $50,000,...

Given the following demand function Qdx= 500-0.5Px+2Py+5Pz+0.1M and that Py= $300, Pz= $100 and M= $50,000, answer the following questions.

2.1 Indicate whether good Y and Z are substitutes or complements for good X.

2..2 Is X an inferior or normal good?

2.3 Determine the demand and inverse demand functions for X. Graph the inverse demand function for X.

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