Question
The estimated demand for a good is Q = 4,800 16 P 0.65 M 1.5 P R where Q is the quantity demanded of the
The estimated demand for a good is
Q = 4,800 16P 0.65M 1.5PR
where Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. This good and good R are
Multiple Choice
- complements since the coefficient on M is negative.
- substitutes since the coefficient on M is negative.
- None of the choices are correct.
- substitutes since the coefficient on PR is negative.
- complements since the coefficient on PR is negative.
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Global Marketing
Authors: Johny K Johansson
4th Edition
0072961805, 9780072961805
