9. (15 points) Suppose the quantity demanded of good (Q) depends only on the price of the good (P), monthly income (M), and the price of a related good R (Pa): Q, 180-10P-0.2 M+10P, a. On the axes below, construct the (direct) demand curve for the good when M-$1,000 and P- $5. The equation for demand is (wegop) soud b. Interpret the intercept and slope parameters for the demand equation in part a. c. Let income decrease to $950. Construct the new demand curve. This good is (normal, inferior). Explain using your graph. d. For the demand curve in part e, find the inverse demand function: P= e. Let the price of good R increase to $6 (income remaining at $950). Construct the new demand curve. Good R is a (substitute, complement) good. Explain using your graph. f. For the demand curve in part e, the demand price for 20 units is S maximum amount consumers are willing and able to purchase is g. For the demand curve in part e, find the equilibrium price and quantity when supply is Q,= -10+10P. 6.00 PE- and Q Construct the supply curve and verify your answer. h. For the equilibrium in part g, the consumer surplus is S Social surplus is S S for this good is S 5.00 4.00 1.00 2.00 1.00 30 Quanity At a price of $4, the units. Producer surplus is The net gain to society created by the market 40 50 60