Suppose that the generalized demand function for Good X is Qd = 60- 2Px+0.01M + 7PR Where: Qd = quantity of X Demanded Px = price of X M = Average consumer income PR = price of related good 39. Is good X and R normal or inferior? (Hint: your answer in small letters only) _________ (1 pt ) 40. Are goods X and R substitute or complements?_____ (Hint: your answer in small letters only) (1pt) Suppose that M = P40,000 and PR = P20. 41. What is the demand function for Good X? (Hint: your answer is equation) _____________ (2 pts) Suppose the supply Function is Qs = -600 + 10 Px What is equilibrium price and quantity? 42. Equilibrium price ___________ (Hint: your answer is number) (2pts) 43. Equilibrium quantity _________ (Hint: your answer is number) (2pts) What happens (What is the new equilibrium price and quantity) to equilibrium price and quantity if other thing remains the same as in Question 28 and supply fiunction is Qs = -600 + 10Px , but income increase to P52,000 44. Equilibrium price __________ (Hint: your answer is number) (2 pts) 45. Equilibrium quantity ________ (Hint: your answer is number) (2 pts) What happens (What is the new equilibrium price and quantity) to equilibrium price and quantity if other thing remain the same, income and the price of related goods are at their original levels, supply shifts to Qs = -360 + 10 Px 46. Equilibrium price __________ (Hint: your answer is number)(2 pts) 47. Equilibrium quantity ________ (Hint: your answer is number)(2 pts) From the demand equation, Qd = 12-2P and the supply equation, Qs = 2P, solve for the equilibrium price and quantity. 48. Equilibrium price __________(Hint: your answer is number) (1pt) 49. Equilibrium quantity ________(Hint: your answer is number) (1pt)