Reference no: EM132310764
A)The following represents demand for widgets (a fictional product):
QD=1058-250P-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=2+250P
Widgets are _________, and widgets and wodgets are _____________.
Select one:
a. a normal good; substitutes.
b. an inferior good; substitutes.
c. an inferior good; complements.
d. a normal good; complements.
B) Assume that M=$50,000 and PR=$2.00. The equilibrium price of widgets is?
C) The equilibrium quantity of widgets is ____ units.
D) Solve algebraically for the new equilibrium quantity of widgets after these two changes. _____ Answer:
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