The demand function for a product is QD = 1000 - 20P(a). Make a table to show the demand schedule for the product when pricesare OMR 0, OMR 10, OMR 20, OMR 30 and OMR 40.(b). Draw a diagram to show the demand curve that represents the demandschedule that you have made.(c). Make a new table to show the demand schedule for the demand functionQD = 1000 -10OP when prices are OMR 0, OMR 10, OMR 20, OMR 30 andOMR 40.(d). Add the demand curve that represents the new schedule to the diagramthat you drew in part 2.(e). Explain two factors that might have caused the change in the slope of theoriginal demand curve.

a) Demand Schedule : Price (OMR) Quantity, givenQd = 1000 - 20P 0 1000 10 800 20 600 30…

Answered: The demand function for a product is QD…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Problem 1QTC

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The demand function for a product is QD = 1000 -20P (a). Make a table to show the demand schedule for the product when prices are OMR 0, OMR 10, OMR 20, OMR 30 and OMR 40 (b). Draw a diagram to show the demand curve that represents the demand schedule that you have made. (c). Make a new table to show the demand schedule for the demand function QD = 1000 -10P when prices are OMR 0, OMR 10, OMR 20, OMR 30 and OMR 40. (d). Add the demand curve that represents the new schedule to the diagram that you drew in part 2. (e). Explain two factors that might have caused the change in the slope of the original demand curve.

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