(Answered) 1 the following represents demand for widgets a fictional

Management Studies

1. The following represents demand for widgets (a fictional product):

Q_D = 650 - 4P - 0.004M + 4P_R

where P is the price of widgets, M is income, and P_R is the price of a related (fictional) good, the widget. Supply of widgets is determined by Q_S = 20 + 4P

a. Determine whether widgets are a normal or inferior good, and whether widgets and wodgets are substitutes or complements.

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