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Suppose the demand curves for goods A,B,and C have the following functional forms,where Q denotes quantity demanded,P denotes price,and M denotes income: QA = 120 - 3.5PA - 6PB + 14M QB = 100 - 2PB + 3PC + 1.1M QC = 1500 - 0.5PC - 300M.
Based on these demand curves,which of the following goods are known to be inferior goods?
Significance
A measure of how likely it is that an obtained result could have occurred by chance.
Independent Variables
Variables in an experiment or model that are manipulated or controlled to test their effects on dependent variables.
Multiple Regression Model
A statistical technique that uses several explanatory variables to predict the outcome of a response variable.
Error Term
The error term represents the difference between observed values and the values predicted by a model in statistical analysis.
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