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Name: 2. Below, you are provided with the demand function for soccer balls, which is dependent on the price of soccer balls and the price
Name: 2. Below, you are provided with the demand function for soccer balls, which is dependent on the price of soccer balls and the price of another related good. You will use this demand function to examine ho amine how the demand curve shifts when the price of the related good changes, and to determine whether the related good is a substitute or a complement. The quantity demanded of soccer balls, Qs, is given by the following demand function: Qs = 60 - (30 x Ps) + (24 x PB), where Ps is the per-unit price of a soccer ball and PB is the per-unit price of a basketball. a.) Suppose that the price of a basketball is $5. Use the demand function above to complete the demand schedule below. Quantity of Soccer Price Balls Demanded $2 $4 $6 b.) Suppose that the price of a basketball is $5. Use the demand schedule that you completed in Part 1 to construct the demand curve for soccer balls when the price of a basketball is $5 in black ink. $14 $12 Price of Soccer Balls (P) $10 $6 $4 soselled to 60 120 180 240 300 360 420 Quantity of Soccer Balls Demanded
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