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QUESTION
The estimated demand for a good is Q = 4,800 - 16P - 0.65M - 1.5Pr where Q is the quantity demanded of the good, P is the price of the good, M is...
Q = 4,800 - 16P - 0.65M - 1.5Pr where Q is the quantity demanded of the good, P is the price of the good, M is income, and Pr is the price of related good R.14. This good and good R are a. Complements since the coefficient on M is negative.b. Substitutes since the coefficient on M is negative.c. Complements since the coefficient on Pr is negative.d. Substitutes since the coefficient on Pr is negative.e. None of the above.
