Question 8 (4 points) Suppose that the demand and supply functions for good x are given as follows: Q? = 240 213;: + I P}, and Q: = 30 + I; 23' + s 2f where Px denotes the price of good x, Py denotes the price of a related product y, I denotes income, t denotes tax rms face, 5 denotes subsidy and f denotes factor prices. What is the nature of good x? d It is a normal good since 2i!" = 1 > 0 60% It is an inferior good since ? = 1 0