Question: Use the following general linear demand relation: Qd = 1 0 0 5 P + 0 . 0 0 4 M 5 PRQd = 1
Use the following general linear demand relation:
QdPMPRQdPMPR
where P is the price of good X M is income, and PRPR is the price of a related good, R Income is $ and the price of the related good is $ Also let consumers' tastes change so that consumers now demand more units at each price. When the price of the good is $ how many units of the good are demanded?
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None of the choices is correct.
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