Every month, Sam spends 0.2 of his income on gasoline, no matter what the price is. The price of good X is 7.1 and Sam's income is 81. Find the absolute value of the slope of Sam's inverse demand curve and enter it below. (Hint: Write down the equation consistent with the above statement and use it to find Sam's inverse demand function.)

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.1: What Is Demand
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Every month, Sam spends 0.2 of his income on gasoline, no matter what the price is. The price of good X is 7.1 and
Sam's income is 81. Find the absolute value of the slope of Sam's inverse demand curve and enter it below. (Hint: Write
down the equation consistent with the above statement and use it to find Sam's inverse demand function.)
Transcribed Image Text:Every month, Sam spends 0.2 of his income on gasoline, no matter what the price is. The price of good X is 7.1 and Sam's income is 81. Find the absolute value of the slope of Sam's inverse demand curve and enter it below. (Hint: Write down the equation consistent with the above statement and use it to find Sam's inverse demand function.)
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