DEMAND FUNCTION-ASSIGNMENT 1. Mr. Devendra T, Vice president-sales of 'sun zone solar systems' has estimated the following demand function for the 100 litres solar water heater produced by them: Q= 1500 - 0.04P, Where, Q = Quantity demanded of solar water heaters; P= Price of each unit. Construct a demand curve assuming price P1: 12000, P2= 13,000, P3= 14,000, P5=15,000 and P6=16,000 per unit 2. The quantity 'd' of TVs sold (demanded) is related to the price p as follows: Qu = 1720 - 0.50p a. What is the demand (in thousands) if the price is 1440? b. What is the demand if the price is 2500? c. What price should we charge if we want to sell 500 thousand TVs? 3. Suppose the demand for lychees is given by the following equation: Qu = 4000 - 100P + 500PM where P is the price of lychees and Pa is the price of mangoes a. What happens to the demand for lychees when the price of mangoes goes up? Are lychees and mangoes substitute or complements? b. Graph the demand curve for lychees when PM = 2. 4. An economic consultant for X Corp. recently provided the firm's marketing manager this estimate of the demand function for the firm's product: with Q = 12,000 – 3P, + 4P, – IM + 2A, where Qud represents the amount consumed of good X, Px is the price of good X, Py is the price of good Y, M is income, and Ax represents the amount of advertising spent on good X. Suppose good X sells for 7200 per unit, good Y sells for 15 per unit, the company utilizes 2,000 units of advertising, and consumer income is 10,000. How much of good X do consumers purchase? Are goods X and Y substitutes or complements? Is good X a normal or an inferior good?

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