Question
Consider that you are managing a division of a large company.The marketing department submits a report to you about the demand for the product you
Consider that you are managing a division of a large company.The marketing department submits a report to you about the demand for the product you manage.The report includes the following estimated demand function:QD= 60 - 2P + 0.01M + 7PRwhereQDis the quantity of the product demanded,Pis the market price of the product, M is the average consumer income,PRis the price of the related product.
1.Based on the equation, how can you describe the product?
in the first and second blank spaces:a complement good|an inferior good|a normal good|a substitute good
The product is and it is to the related product.
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