Question
Assuming that the given demand function Q d = 700 2P P R + 0.1M, represents the demand for Good-X where P is the price
Assuming that the given demand function Qd = 700 2P PR + 0.1M, represents the demand for Good-X where P is the price of Good-X, PR is the price of related product, while M is average consumer income.
a.What happens to the demand for Good-X when the price of related product goes up? What are the Good-X and the related product?
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Basic Econometrics
Authors: Damodar N. Gujrati, Dawn C. Porter
5th edition
73375772, 73375779, 978-0073375779
