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For the following problem: QD 650 4P 0004M 4PR where P is the price of widgets M is income, and PR is the price of a related

For the following problem:

 

QD = 650 – 4P – 0004M + 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

 

How would I determine whether widgets are a normal or inferior good, and whether widgets and widgets are substitutes or complements?

Mar 17 2020 Read more Less More

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