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Consider the demand function below. Similar to the Excel demonstration, this function is given in levels form (rather than log form). Unlike the Excel demonstration,
Consider the demand function below. Similar to the Excel demonstration, this function is given in levels form (rather than log form). Unlike the Excel demonstration, however, this function is the actual demand function (rather than its inverse*). QA=0.75-0.5*PA 0.25*PB-0.125*PC 0.33*M In this function, QA is the quantity demanded for product A and PA is the price of product A. PB and PC are the prices of products B and C, respectively. And M is consumers income. * Note: The actual demand function models quantity demanded (Q) as a function of price (P), whereas its inverse models price (P) as a function of quantity demanded (P). We will work with both functions. Flag question: Question 1 Question 11 pts Considering the above function, one can say that _________ is a complement to product A. Group of answer choices product B product C Flag question: Question 2 Question 21 pts Considering the above function, one can say that _________ is a substitute for product A. Group of answer choices product B product C Flag question: Question 3 Question 31 pts Considering the above function, one can say that product A is: Group of answer choices a normal good. an inferior good
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