Reference no: EM131239305
Suppose that the general demand function for X is Q d = 60 -2P X + 0.01M + 7PR
Where:
Q d = Quantity of X demanded
P x = Price of X
M = (average) consumer income
PR = price of a related good R
A) Is good X normal or inferior? Explain.
B) Are good X and R substitutes or complements? Explain. Suppose that M = $40,000 and PR = $20.
C) What is the demand function for good X? Suppose the supply function is QS = -600 +10PS.
D) What are the equilibrium price and quantity?
E) What happens to equilibrium price and quantity if other things remain the same as in part d but income increases to $52,00?
F) What happens to equilibrium price and quantity if other things remain the same, income and the price of the related goods are at their original levels, and supply shifts to QS = -360 + 10PX?
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