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Courses/ ECON705-32209-SPRING2019/ Module 1 - Introduction, Supply & Demand Module One: Assessment The following represents demand for widgets (a fictional product): QD = 700-100P + 0.5M + 30PR where P is the price of widgets, M is income, and PR is the price of a related (fictiona) good, the wodget. Supply of widgets is determined by Qs = 900 + 57.5P Widgets are , and widgets and wodgets are Select one a. a normal good; substitutes. b. an inferior good; substitutes. c. a normal good; complements. d. an inferior good; complements 9 Assume that M $61,000 and PR $250. The equilibrium price of widgets is Answer out of
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toxxect mean boh Po 38200 -loop 37800-15},5 ρ P 240

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