Question
Consider the general demand function: Q d = 3,200 - 10P + 0.05M - 24P R Derive the demand function when income is $48,000 and
Consider the general demand function:
Qd= 3,200 - 10P + 0.05M - 24PR
Derive the demand function when income is $48,000 and the price of the related good is $200.If you sketch this demand curve, demand is a straight line that intersects the price axis at _____ and the quantity demanded axis at _____ units.
Is it:
a: $80; 800
b. $80;3,200
c. $320; 800
d. $320; 3,200
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Technical Change, Relative Prices, And Environmental Resource Evaluation
Authors: V Kerry Smith
1st Edition
1317358570, 9781317358572
