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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. The good is
- a normal good since the coefficient on M is greater than one (in absolute value).
- an inferior good since the coefficient on M is negative.
- None of the choices are correct.
- a normal good since the coefficient on PR is negative.
- an inferior good since the coefficient on PR is negative.
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Public Personnel Administration And Labor Relations
Authors: Norma M Riccucci
1st Edition
1317461754, 9781317461753
