The estimated market demand for good X is
Q=8,000-25P-0.12M-30Pg
where is the estimated number of units
of good X demanded, P is the price of the good,
M is income, and is the price of related good G.
(All parameter estimates are statistically significant at the 1
percent level of significance.)
a. Good X
is a(n) ______________ good and goods X and G are
_________________.
b. At P =
$12, M = $30,000, and = $50, the predicted quantity
demanded...