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Question 15 Multi part
A) The following represents demand for widgets (a fictional product):
where P is the price of widgets, M is income, and PR is the price of a related (fictional) good, the wodget. Supply of widgets is determined by
Widgets are _________, and widgets and wodgets are _____________.
a. a normal good; substitutes.
b. an inferior good; substitutes.
c. an inferior good; complements.
d. a normal good; complements.
B) Assume that M=$50,000 and PR=$2.00. The equilibrium price of widgets is ______Answer:
C) The equilibrium quantity of widgets is Answer _____units.
D) Now assume two events occur: income rises to $60,000 and supply conditions change such that QS=6+300P. Solve algebraically for the new equilibrium price of widgets after these two changes.
E) Solve algebraically for the new equilibrium quantity of widgets after these two changes.
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