demand for Good X in New Bedford, MA is given by the following equation: Qd=60-40P+2I-30Py where: Qd is the quantity demanded of Good X P is the price of Good X I is income Pb is the price of Good Y Without performing any calculations, determine if Good X and Good Y are substitutes, complements, or unrelated goods.  Explain how you used the function to make this determination. Without performing any calculations, determine if Good X is a normal or inferior good.  Explain how

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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The demand for Good X in New Bedford, MA is given by the following equation:

Qd=60-40P+2I-30Py

where:

Qd is the quantity demanded of Good X

P is the price of Good X

I is income

Pb is the price of Good Y

  1. Without performing any calculations, determine if Good X and Good Y are substitutes, complements, or unrelated goods.  Explain how you used the function to make this determination.
  2. Without performing any calculations, determine if Good X is a normal or inferior good.  Explain how you used the function to make this determination.
  3. On a clearly labeled graph, plot the demand curve assuming the price of Good Y is $6 and income is $700
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