Use the Following General Linear Demand Relation $Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }$

question 15

Multiple Choice

Use the following general linear demand relation: $Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }$ where P is the price of good X,M is income,and $P _ { R }$ is the price of a related good,R.From the demand function it is apparent that related good R is

• A)normal.
• B)inferior.
• C)a substitute for good X .
• D)a complement for good X.

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Definitions:

Marketers

Professionals who work to promote products, services, or brands to increase their visibility and sales.

Rokeach Value Survey

A psychological assessment tool developed by Milton Rokeach for measuring individual's value systems, consisting of two sets of values—terminal (end goal) values and instrumental (mode of behavior) values.

Terminal Values

Long-term life goals or desirable end-states that individuals strive to achieve, reflecting what is most important to them in life.

Consumption-Specific Values

Values that guide an individual's behavior and choices specifically in the context of consuming goods and services.