The demand for good X is given by QXd = 6,000 − (1/2)PX − PY + 9PZ + (1/10)M Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. a. How many units of good X will be purchased when Px = $5,230? b. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.
The
QXd = 6,000 − (1/2)PX − PY + 9PZ + (1/10)M
Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000.
a. How many units of good X will be purchased when Px = $5,230?
b. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.
Instruction: Enter all values as integers, or if needed, a decimal rounded to one decimal place.
Demand function: ______ − _____ PX
Inverse demand function: PX = _______ − _______ QXd
Instruction: Use the tool provided 'D' to graph the inverse demand curve from QX = 0 to QX = 6,000 (two points total).
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
