A Firm Sells Two Goods (X and Y)that Are Related

question 30

Multiple Choice

A firm sells two goods (X and Y) that are related in consumption.The estimated inverse demand and cost functions are: $$\begin{array} { l } P _ { X } = 105 - 0.5 Q _ { X } - 0.75 Q _ { Y } \\P _ { Y } = 120 - Q _ { Y } - 0.5 Q _ { X } \\M C _ { X } = 10 + 0.25 Q _ { X } \\M C _ { Y } = 16 + 0.5 Q _ { Y }\end{array}$$
Good X and Y are:

• A)complements
• B)substitutes
• C)independent
• D)normal
• E)inferior

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Definitions:

Workplace

A location where people are employed and perform tasks related to their jobs; can refer to physical or virtual spaces.

Managerial Agent

An individual acting on behalf of an organization, making decisions and executing actions in alignment with the organization's objectives and interests.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a generalized disdain for other groups.

Generational Subcultures

Distinctive cultural groups that emerge within a generation based on differing values, norms, and interests.