The demand function for potatoes per month is given by Q = 104 – 40p + 20pt + 0.01Y, where Q = the quantity of potatoes, p = price of potatoes, pt = price of tomatoes, and Y = income per month. Pt is currently $0.80 per pound). Derive the demand curve for potatoes from the data provided when income is $4,000 per month. Derive the new demand curve when income increases to $5,000 per month. ON a graph show the change in the demand curve resulting from the growth in income.

The demand function for potatoes per month is given by Q = 104 – 40p + 20pt + 0.01Y, where Q = the quantity of potatoes, p = price of potatoes, pt = price of tomatoes, and Y = income per month. Pt is currently $0.80 per pound). Derive the demand curve for potatoes from the data provided when income is $4,000 per month. Derive the new demand curve when income increases to $5,000 per month. ON a graph show the change in the demand curve resulting from the growth in income.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 15SQ

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