a. b none of the above Use the following general linear demand relation to answer the following question 2-37 where is the price of good is income, and is the price of a related good, From the P X, M R. demand function it is apparent that related good is R a. normal. inferior. a substitute for good . X a complement for good X. 2-38 Use the following general linear demand relation to answer the following question is the price of good is income, and is the price of a related good, If = $50,000 P X, M R. M and = $10 and the supply function is market price and output are, respectively, , a. = $12 and = 150. P Q b. = $10 and = 200. P Q = $12 and = 200. P Q = $15 and = 175. P Q = $15 and = 225. P Q Use the following general linear demand relation to answer the following question 2-39 where is the price of good is income, and is the price of a related good, If income P X, M R. increases to $100,000 and the price of the related good is now $20, what is the demand function? a. b. none of the above Use the following general linear demand relation to answer the following question 2-40 is the price of good is income, and is the price of a related good, Income is P X, M R. $100,000, the price of the related good is $20, and the supply function is = 150 + 5P. What is Qs the equilibrium price? $30 $25
a. b none of the above 2-37 Use the following general linear demand relation to answer the following question where P is the price of good X, M is income, and is the price of a related good, R. From the demand function it is apparent that related good R is a. normal. inferior. a substitute for good X . a complement for good X. 2-38 Use the following general linear demand relation to answer the following question P is the price of good X, M is income, and is the price of a related good, R. If M = $50,000 and = $10 and the supply function is , market price and output are, respectively, a. P = $12 and Q = 150. b. P = $10 and Q = 200. P = $12 and Q = 200. P = $15 and Q = 175. P = $15 and Q = 225. 2-39 Use the following general linear demand relation to answer the following question where P is the price of good X, M is income, and is the price of a related good, R. If income increases to $100,000 and the price of the related good is now $20, what is the demand function? a. b. none of the above 2-40 Use the following general linear demand relation to answer the following question P is the price of good X, M is income, and is the price of a related good, R. Income is $100,000, the price of the related good is $20, and the supply function is Qs = 150 + 5P. What is the equilibrium price? $30 $25
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