The demand curve for a truckload of firewood for college students in a small town is Q = 500-p. It is sometimes convenient to rewrite a demand curve equation with price on the left hand side. We refer to such a relationship as the inverse demand curve. Therefore, the inverse demand curve for college students is p=500-Qc- The demand curve for other town residents is Q₁ =350-2p. What is the inverse demand curve for other town residents? The inverse demand curve for other town residents is Р p, Price per unit of lumber 600 550- 500- 450- 400- 350- 300- 250- 200-Other residents a 150- 100- 50- to College students 0 100 200 300 400 500 600 700 800 900 1000 Q, Quantity of lumber Q After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.

The demand curve for a truckload of firewood for college students in a small town is Q = 500-p. It is sometimes convenient to rewrite a demand curve equation with price on the left hand side. We refer to such a relationship as the inverse demand curve. Therefore, the inverse demand curve for college students is p=500-Qc- The demand curve for other town residents is Q₁ =350-2p. What is the inverse demand curve for other town residents? The inverse demand curve for other town residents is Р p, Price per unit of lumber 600 550- 500- 450- 400- 350- 300- 250- 200-Other residents a 150- 100- 50- to College students 0 100 200 300 400 500 600 700 800 900 1000 Q, Quantity of lumber Q After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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