Solved

The Estimated Demand for a Good Is Q^=4,80016P0.65M1.5PR\hat { Q } = 4,800 - 16 P - 0.65 M - 1.5 P _ { R }

Question 24

Multiple Choice

The estimated demand for a good is Q^=4,80016P0.65M1.5PR\hat { Q } = 4,800 - 16 P - 0.65 M - 1.5 P _ { R } where Q is the quantity demanded of the good,P is the price of the good,M is income,and PRP _ { R } is the price of related good R.If the price of the good rises by $10,all else constant,the quantity demanded will ________ by ________ units.


A) increase; 16 units
B) decrease; 160 units
C) decrease; 1.5 units
D) increase; 150 units

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions