Refer to the following:
$$\begin{array} { l }
P _ { X } = 666 - 0.5 Q _ { X } - 2 Q _ { Y } \
P _ { Y } = 484.5 - 1.5 Q _ { Y } - 0.25 Q _ { X } \
M C _ { X } = 20 + 2 Q _ { X } \
M C _ { Y } = 4 + Q _ { Y }
\end{array}$$
-Goods X and Y are:
A) normal
B) inferior
C) independent
D) substitutes
E) complements

Question

Refer to the following:
 $$\begin{array} { l } 
P _ { X } = 666 - 0.5 Q _ { X } - 2 Q _ { Y } \
P _ { Y } = 484.5 - 1.5 Q _ { Y } - 0.25 Q _ { X } \
M C _ { X } = 20 + 2 Q _ { X } \
M C _ { Y } = 4 + Q _ { Y }
\end{array}$$
-Goods X and Y are:
A) normal
B) inferior
C) independent
D) substitutes
E) complements

Quizplus · Accepted Answer

Goods X and Y are substitutes because an increase in the price of good X will lead to an increase in the quantity demanded of good Y.

Refer to the Following -Goods X and Y Are: A) Normal B) Inferior C)

Refer to the Following -Goods X and Y Are:
A) Normal
B) Inferior
C)