The demand for beer in japan is given by the following, Ask an Expert

Economics

The demand for beer in Japan is given by the following equation:

Qd= 500 - 2P - PN + 0.1I

Where P is the price of beer, PN is the price of nuts, and I is average consumer income.

a) What happens to the demand for beer when the price of nuts goes up? Are beer and nuts demand substitutes or demand complements?

b) What happens to the demand for beer when average consumer rises?

c) Graph the demand curve for beer when PN = 20 and I = 1,000.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91953598

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