Question

Consider the demand function for the price of lobster in Maine. Where Qd is the quantity of lobster demanded. (millions of lbs per year) Pb is the price of butter, Pcm is the price of crab meat, and M is the income of consumers. According to the demand function for lobsters, crab meat is a(an)__________, while butter is a _________.

Qd = 9 – 0.1P – Pb + 0.01Pcm + 0.0001M

A.Substitute; compliment

B.Normal; inferior

C.Compliment; substitute

D.Inferior; Normal

Answer 1

(A) Substitute ; Compliment

Explanation :

Lobster is a shell fish, as are shrimp and crab. But unlike shrimp and crab, lobster has a meaty texture and a distinctly sweet flavor. If you making a Lobster Bisque (soup), shrimp or crab will do instead. beans and broccoli covered in butter and fresh grated Parmesan cheese is enjoyable with lobster.(SUBSTITUTE)

String beans and broccoli covered in butter and fresh grated Parmesan cheese is enjoyable with lobster.(COMPLIMENT)