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Consider the following demand function for widgets:

Q_d=4500-20P- .001M+30P_R

Is this a normal good or an inferior good?

Is good R a substitute or a complement?

At what price is demand for widgets zero, if average income is $100,000 and the price of good R is $100?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942231

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