Suppose that the generalized demand function for good X is Q d = 60 2 P s + 0.01 M + 7 P r Where : Q d = quantity of X demanded P x = price of X M = ( average ) consumer income P r = price of a related good R a. Is good X normal or inferior ? Explain . b. Are goods X and R substitutes or complements ? Explain . c. Suppose that M = $ 40,000 and P r = $ 20 . What is the demand function for good X ? d. Suppose the supply function is Q s = 600 + 10 P x 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 $ 52,000 ? f. What happens to equilibrium price and quantity price and quantity if other things remain the same as in part d but the price of good R decreases to $ 14 ? g. 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 Q s = - 360 +10P x ?