(Answered) For the following problemqdnbsp 650 - 4p

Management Studies

For the following problem:

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

How would I determine whether widgets are a normal or inferior good, and whether widgets and widgets are substitutes or complements?

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