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Use the following general linear demand relation to answer the question below: Qd = 100 - 5 P + 0.004 I - 5 Pr where
- Use the following general linear demand relation to answer the question below:
Qd= 100 - 5P+ 0.004I -5Pr
wherePis the price of goodX,Iis income, andPris the price of a related good,R.
What is the demand function whenI= $50,000 andPr= $10?
| A. | Qd= 350 - 5P | |
| B. | Qd= 300 - 5P | |
| C. | Qd= 200 - 5P | |
| D. | Qd= 100 - 5P | |
| E. | None of the above |
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Local Consumption And Global Environmental Impacts Accounting, Trade-offs And Sustainability
Authors: Kuishuang Feng, Klaus Hubacek, Yang Yu
1st Edition
1317577272, 9781317577270
