kbmom5231 kbmom5231

02-06-2023
Business

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Suppose the demand function for a product is Qd=600−3P−101+20P₀, where
Qd is the quantity demanded; P is the price of the product: ∣ is the consumers' income; P0 is the price of the other product. a. Draw a demand curve when l=50 and P₀ = 4 with all of the axis intercepts. b. Is the product a normal good? Why? c. Are the two products substitutes? Why?

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