Suppose we have the market demand model for good x and our model is shown below....

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Suppose we have the market demand model for good x and our model is shown below. QDx = 3275 -1.5p - 2.85py +3.56pz - 0.025Y - How do consumers view the relationships between goods x and y, goods x and z, and with respect to income, consumers view good x as? (a) Consumers see goods x and y as substitutes, goods x and z as complements, and good x is a normal good. (b) Consumers see goods x and y as complements, goods x and z as substitutes, and good x is a normal good. (c) Consumers see goods x and y as substitutes, goods x and z also as substitutes, and good x is a normal good. (d) Consumers see goods x and y as complements, goods x and z also as complements, and good x is a normal good. (e) None of the above. Suppose we have the market demand model for good x and our model is shown below. QDx = 3275 -1.5p - 2.85py +3.56pz - 0.025Y - How do consumers view the relationships between goods x and y, goods x and z, and with respect to income, consumers view good x as? (a) Consumers see goods x and y as substitutes, goods x and z as complements, and good x is a normal good. (b) Consumers see goods x and y as complements, goods x and z as substitutes, and good x is a normal good. (c) Consumers see goods x and y as substitutes, goods x and z also as substitutes, and good x is a normal good. (d) Consumers see goods x and y as complements, goods x and z also as complements, and good x is a normal good. (e) None of the above.

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Normal good is that good which has positive income elasticity It means with the increase in the inco... View the full answer