I need help with how to draw the total
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
The demand function for other town residents isQr = 400 − 2p.
1. What is the inverse demand function for other town residents?
2. At a price of $300, will college students buy firewood? What about other town residents? At what price is the quantity demanded by other town residents zero?
3. Draw the total demand curve, which sums the demand curves for college students and other residents.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
