d. a change in the market price of the good When the average price of videocassette recorders (VCRs) fall, the result is 2-8 a. an increase in supply of VCRs. b. an increase in the quantity of VCRs supplied. c. an increase in the quantity of VCRs demanded. d. a decrease in the quantity of VCRs demanded. Use the following general linear demand relation to answer the following question: 2-9 where is income andis the price of a related good, From this relation it is apparent that the M R. good is: an inferior good a substitute for good R a normal good a complement for good R both and c d Use the following general linear demand relation to answer the following question: 2-10 where is income andis the price of a related good, If = $15,000 and = $20, the demand M R. M function is a. . b. . . . . Use the following general linear demand relation to answer the following question: 2-11 where is income andis the price of a related good, If = $15,000 and = $20 and the supply M R. M function is , equilibrium price and quantity are, respectively, = $55 and = 195. P Q = $6 and = 38. P Q = $12 and = 200. P Q = $50 and = 170. P Q = $40 and = 250. P Q
d. a change in the market price of the good 2-8 When the average price of videocassette recorders (VCRs) fall, the result is a. an increase in supply of VCRs. b. an increase in the quantity of VCRs supplied. c. an increase in the quantity of VCRs demanded. d. a decrease in the quantity of VCRs demanded. 2-9 Use the following general linear demand relation to answer the following question: where M is income andis the price of a related good, R. From this relation it is apparent that the good is: an inferior good a substitute for good R a normal good a complement for good R both c and d 2-10 Use the following general linear demand relation to answer the following question: where M is income andis the price of a related good, R. If M = $15,000 and = $20, the demand function is a. . b. . . . . 2-11 Use the following general linear demand relation to answer the following question: where M is income andis the price of a related good, R. If M = $15,000 and = $20 and the supply function is , equilibrium price and quantity are, respectively, P = $55 and Q = 195. P = $6 and Q = 38. P = $12 and Q = 200. P = $50 and Q = 170. P = $40 and Q = 250.
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