Please solve this question 7.Consider the general demand function :Qa 3D 8,000 — 16Р + 0.75м + 30P|(a) Derive the equation for the demand function whenM = $30,000 and PR = $50 and Interpret the%3Dintercept and slope parameters of the demandfunction.(b) a graph of the demand function in part a.SketchWhere does the demand function intersect thequantity-demanded axis? Where does it intersectthe price axis?(e) Using the demand function from part a, calculatethe quantity demanded when the price of the goodis $1,000 and when the price is $1,500.(d) Derive the inverse of the demand function in partа.

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7. Consider the general demand function: Qa = 8,000 – 16P + 0.75M + 30PR. %3D (a) Derive the equation for the demand function when M = $30,000 and PR = $50 and Interpret the %3D intercept and slope parameters of the demand function. (b) Sketch a graph of the demand function in part a. Where does the demand function intersect the quantity-demanded axis? Where does it intersect the price axis? (e) Using the demand function from part a, calculate the quantity demanded when the price of the good is $1,000 and when the price is $1,500. (d) Đerive the inverse of the demand function in part

7. Consider the general demand function: Qa = 8,000 – 16P + 0.75M + 30PR. %3D (a) Derive the equation for the demand function when M = $30,000 and PR = $50 and Interpret the %3D intercept and slope parameters of the demand function. (b) Sketch a graph of the demand function in part a. Where does the demand function intersect the quantity-demanded axis? Where does it intersect the price axis? (e) Using the demand function from part a, calculate the quantity demanded when the price of the good is $1,000 and when the price is $1,500. (d) Đerive the inverse of the demand function in part

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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