Suppose that the income increases from $2900 to $3250. As a result, quantity demanded changes from 210 to 270. Based on this information you can tell that this product is (select one): a complement normal a substitute inferior
Suppose that the income increases from $2900 to $3250. As a result, quantity demanded changes from 210 to 270. Based on this information you can tell that this product is (select one): a complement normal a substitute inferior
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter6: Simple Pricing
Section: Chapter Questions
Problem 5MC
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Suppose that the income increases from $2900 to $3250. As a result, quantity demanded changes from 210 to 270.
Based on this information you can tell that this product is (select one):
-
a complement
-
normal
-
a substitute
-
inferior
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