The estimated demand for a good is
= 25 - 5P + 0.32M + 12PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. If income decreases by $1,000, all else constant, quantity demanded will ________ by ________ units.
A. decrease; 500 units
B. decrease; 1200 units
C. increase; 500 units
D. decrease; 320 units
E. increase; 3.2 units
Answer: D
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Car manufacturers who use robots to do certain jobs on the assembly line are trying to increase supply by
a. lowering input costs b. taking advantage of government regulation c. applying new technology d. increasing the number of producers
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(Consider This) Subsidies to encourage hospitals and physicians to adopt electronic medical records have resulted in which of the following?
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