Question
The following represents demand for widgets (a fictional product): Q D = 13,000 - 270P + 0.0001M + 0.5P R where P is the price
The following represents demand for widgets (a fictional product):
QD = 13,000 - 270P + 0.0001M + 0.5PR
where P is the price of widgets, M is income, and PR is the price of a related (fictional) good, the wodget. Supply of widgets is determined by
QS = 350P - 5
a.Determine whether widgets are a normal or inferior good, and whether widgets and wodgets are substitutes or complements.
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Advanced Placement Microeconomics
Authors: Bill Hurd
1st Edition
1531150306, 978-1531150303
