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Widgets and wodgets are substitutes or complements

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Reference no: EM132046275

1. The following represents demand for widgets (a fictional product):

QD = 650 - 4P - 0.004M + 4PR

where P is the price of widgets, M is income, and PR is the price of a related (fictional) good, the widget. Supply of widgets is determined by QS = 20 + 4P

a. Determine whether widgets are a normal or inferior good, and whether widgets and wodgets are substitutes or complements.

Reference no: EM132046275

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