The following represents demand for widgets (a fictional product): QD = -47,214 – 90P + 0.8M - 2PR where P is the price of widgets, M is income, and PR is the price of a related (fictional) good, the widget. Supply of widgets is determined by QS = 400P – 15,550 a. Determine whether widgets are a normal or inferior good, and whether widgets and widgets are substitutes or complements.

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Q: The following represents demand for widgets (a fictional product): QD = 44,444-500P+0.2M - 2PR where…

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A: We are going to find Income elasticity of demand to answer this question.

Q: QD = -47,214 – 90P + 0.8M - 2PR where P is the price of widgets, M is income, and PR is the price of…

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