Reference no: EM131218611
1. Consider the general demand function: Qd = 8,000-16P + 0.75M + 30PR; where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good.
(a) Derive the equation for the direct demand function when M = $30,000 and PR = $50.
(b) Interpret the direct demand function derived in part a
(c) Sketch a graph of the demand function in part a.
1. Consider the general demand function: Qd = 8,000-16P + 0.75M + 30PR; where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good.
(a) Derive the equation for the direct demand function when M = $30,000 and PR = $50.
Qd =8,000-16P + 0.75($30,000) + 30($50) = Qd =8,000-16P +24,000.00
Qd= 8,000-16P +0.75($30,000) + ($22,500.00) +1500
Qd=$32,000.00-16p
(b) Interpret the direct demand function derived in part a
The quantity demanded function derived in part a is income of $32,000 subtracted by 16P.
(c) Sketch a graph of the demand function in part a.
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