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The demand for good X is given by Qdx=1200-0.5Px+0.25Py+0.1M. Research shows that the prices of related goods are given by Py=5900, while the average income of individuals consuming this product is M=50000, indicate whether good X and Y are substitutes or complements, Is X an inferior or a normal good? How many units of good X will be purchased when Px=4910, determine the inverse demand function for good x.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942090

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