QUESTION 7 Consider a market with two differentiated goods. Demand for good 1 is given by D₁ = 340-11 p1-(4-X) P2 where p₁ and p2 are the prices for good 1 and 2, respectively. If X<4, then product 1 is a substitute to product 2. True or False? O True

QUESTION 7 Consider a market with two differentiated goods. Demand for good 1 is given by D₁ = 340-11 p1-(4-X) P2 where p₁ and p2 are the prices for good 1 and 2, respectively. If X<4, then product 1 is a substitute to product 2. True or False? O True

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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