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greenfly828Lv1
28 Sep 2019
3. (20 points) An MBA student has proposed the following demand equation for good Y. QdY = a + b PY + c M where: QdY = quantity demanded of good Y in millions of tons per year PY = Price of good Y in dollars per ton M = Average consumer income in thousands of dollars.
i. What sign should this student expect a, b, and c to have? Explain.
3. (20 points) An MBA student has proposed the following demand equation for good Y. QdY = a + b PY + c M where: QdY = quantity demanded of good Y in millions of tons per year PY = Price of good Y in dollars per ton M = Average consumer income in thousands of dollars.
i. What sign should this student expect a, b, and c to have? Explain.
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larryrambo777Lv10
10 Mar 2023
Joshua StredderLv10
28 Sep 2019
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