The demand function for Detergent and Soaps Industries Ltd. (DSIL) for bar soaps is given as follows:
QX = 15000 – 3000PX + 7Y + 300PC
Where:
Qx = Quantity of Bar Soaps demanded for DSIL Px = Price charged by DSIL
Pc = Price of related product
Y = Per capita income of the consumers
Assume the current price of every bar soap of DSIL = Rs 5; Price of related product Rs.6; and per capita income of the consumer Rs 6000
Compute:
a. Price elasticity of demand for bar soaps of DSIL
b. Income elasticity of demand
c. Cross elasticity of demand for the bar soap of DSIL
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