The Following General Linear Demand Relation $Q _ { d } = 680 - 9 P + 0.006 M - 4 P _ { R }$

question 34

Multiple Choice

the following general linear demand relation: $Q _ { d } = 680 - 9 P + 0.006 M - 4 P _ { R }$ where M is income and $P _ { R }$ is the price of a related good,R.From this relation it is apparent that the good is:

• A)an inferior good
• B)a substitute for good R
• C)a normal good
• D)a complement for good R
• E)both c and d

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Definitions:

Profits

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes.

Price-Taking Farmer

A farmer who has no control over the market price and must accept the prevailing market prices for their products.

Corn Output

The overall amount of corn generated during a specific timeframe, commonly quantified in bushels or tons.

Workers

Individuals engaged in any form of employment or labor.