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The demand for a good X can be summarized by the following demand relation: Qx=a+b*Px+c*PY+d*lncome where Q): is the quantity demanded for good X. P)(
The demand for a good X can be summarized by the following demand relation: Qx=a+b*Px+c*PY+d*lncome where Q): is the quantity demanded for good X. P)( is the price of good X, and Pv is the price of good Y. The value of the parameter [Answer] is consistent with the assumption that good X is a normal good
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