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How much of good x do consumers purchase

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Reference no: EM132993628

An economic consultanat for x corp the amount for x crop recently provided the firm marketing manager with this estimates of the demand function for the firm product

Q = 15,000 - 3p-1P-1M+2A
where represent the amount consuked of good x, p is the price of good x,p is the price of good y, m is income and a represent the amount of advertising spent on good x.

Question 1: Suppose good x sells for 200 per unit good y sells for P15 per unit and the company utizies 2,000 units of advertising and consuker income is P10,000 how much of good x do consumers purchase?

Question 2: What is the inverse demand function wherein based on the demand function provided we can derived the p? The inverse demand fucntion reveals how much consukers are willing and able to pay for each additional units of good x.

Reference no: EM132993628

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