$Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }$

question 64

Multiple Choice

$Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }$ ,where P is the price of good X, M is income, and $P _ { R }$ is the price of a related good, R.
-Income is $80,000, and the price of the related good is $40. Also let consumers' tastes change so that consumers now demand 100 more units at each price. When the price of the good is $50, how many units of the good are demanded?

• A) 70
• B) 200
• C) 220
• D) 100
• E) none of the above

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Definitions:

Dynamite Blasting

The use of explosives, specifically dynamite, to break up or remove rock and other materials.

Strict Liability

A legal doctrine that holds an individual or entity responsible for their actions or products without the need to prove negligence or fault.

Contributory Negligence

A legal defense where the plaintiff's own negligence played a part in the harm suffered, potentially reducing the liability of the defendant.

Comparative Negligence

A legal principle where the fault for an accident is divided among the parties involved based on the degree of responsibility each has.