In a small town in North India where winter temperatures are very low, the demand function for a truckload of firewood for college students in a small town is Qc = 400 - p. It is sometimes convenient to rewrite a demand function with price on the left side. We refer to such a relationship as the inverse demand function. Therefore, the inverse demand function for college students is p = 400 - Qc. The demand function for other town residents is Qr = 400 - 2p.  Solve the following & Show all your calculations.         ​​​​​​​​            [1 + 2 + 2 = 5] (a) What is the inverse demand function for other town residents? (b) At a price of Rs.300, will college students buy any firewood? What about other town residents? At what price is the quantity demanded by other town residents zero? (c) Draw the total demand curve, which sums the demand curves for college students and other residents. Clearly label X-axis and Y-axis. Draw the curve for at least five point

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter2: Fundamental Economic Concepts
Section: Chapter Questions
Problem 1E: For each of the determinants of demand in Equation 2.1, identify an example illustrating the effect...
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In a small town in North India where winter temperatures are very low, the demand function for a truckload of firewood for college students in a small town is Qc = 400 - p. It is sometimes convenient to rewrite a demand function with price on the left side. We refer to such a relationship as the inverse demand function. Therefore, the inverse demand function for college students is p = 400 - Qc. The demand function for other town residents is Qr = 400 - 2p.  Solve the following & Show all your calculations.         ​​​​​​​​            [1 + 2 + 2 = 5]
(a) What is the inverse demand function for other town residents?
(b) At a price of Rs.300, will college students buy any firewood? What about other town residents? At what price is the quantity demanded by other town residents zero?
(c) Draw the total demand curve, which sums the demand curves for college students and other residents. Clearly label X-axis and Y-axis. Draw the curve for at least five point
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