The demand for good X is given by: d = 6,000 - 0.5Px - Py +9Pz + 0.1M Qx Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. a. How many units of good X will be purchased when Px = $5,230? b. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.
The demand for good X is given by: d = 6,000 - 0.5Px - Py +9Pz + 0.1M Qx Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. a. How many units of good X will be purchased when Px = $5,230? b. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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2. The
d
= 6,000 - 0.5Px - Py +9Pz + 0.1M
Qx
Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the
average income of individuals consuming this product is M = $70,000.
a. How many units of good X will be purchased when Px = $5,230?
b. Determine the demand function and inverse demand function for good X. Graph the demand curve for
good X.
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