Multiple Choice
,where P is the price of good X, M is income, and 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
Correct Answer:
Verified
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