Question
Asked Mar 30, 2019
198 views

The equation below represents a linear demand curve. Use the grid (See image) for your plots. Write
all derivations in the spaces under the corresponding question. 

l) Plot the demand function on the top set of axes: Q= 80000 - 100P x . The price function is the inverse of the demand function. What is this inverse?

 

k<e
20K
help_outline

Image Transcriptionclose

k<e 20K

fullscreen
check_circle

Expert Answer

star
star
star
star
star
1 Rating
Step 1

Demand function:

 

fullscreen
Step 2

Quantity:

Substitute the value of price in the demand function to get the value of quantity and this can be calculated as follows:

If price (P) = 100

fullscreen
Step 3

Below table -1 shows the price and quantity for demand an...

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Economics

Related Economics Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Why did the budget surpluses in 2000 and 2001 give way to a series of budget deficits beginning in 2...

A: In the 2000 and 2001 budget surplus was 2.5% and the cyclical adjusted budget surplus was 1% to the ...

question_answer

Q: In the US in 2008, several large banks collapsed when risky financial investments began to fail. Des...

A: The U.S. in 2008 suffered from the great financial crisis where several U.S. banks were collapsed du...

question_answer

Q: There are several ways that governments can increase or decrease the money supply. Match the descrip...

A: Money supply is the stock of money in circulation in an economy in a given time period.Open market o...

question_answer

Q: Question #4. Individual income taxes directly affect personal disposable incomes which in turn affec...

A: Income is the money that an individual or business earns in exchange for providing a commodity or se...

question_answer

Q: Given the macro economic data below, draw a graph to illustrate if there is arecessionary gap in the...

A: a.)Recessionary gap:Equilibrium GDP can be calculated as follows:

question_answer

Q: Suppose that the cost of all inputs (both labor and capitol) decreases. What will happen to the long...

A: In economics, inputs are considered as factors of production. That means, inputs are those factors t...

question_answer

Q: if the FED mailed everyone a brand new $100 bill, what would happen to prices, income and output in ...

A: Money supply is the total stock of money in the economy at a point of time. It is controlled by Fede...

question_answer

Q: A product has demand given by Q = 30 – 2P, where P here means buyer price of course. Supply is given...

A: Here, we see that the price that the sellers are willing to sell is at P. At each level of price, th...

question_answer

Q: From the perspective of consumers and society overall, monopolies are worse than perfectly competiti...

A: In economics, there are majorly four forms of the market out of which the perfect competition and mo...