The demand function for product X is: Qd = 600 – 20Px + 0.02Y – 5Pr The supply function is: Qs = –300 + 10Px
Where:
Qd = the quantity of X demanded Qs = the quantity of X supplied Px = the price of product X Y = the average consumer income Pr = the price of the related product
If Y=35000 and Pr is R20, draw the demand curve
1
Expert's answer
2019-03-14T18:25:40-0400
Qd = 600 – 20Px + 0.02Y – 5Pr, Qs = –300 + 10Px
If Y=35000 and Pr is R20, then the demand function is: Qd = 600 - 20Px + 700 - 100 = 1200 - 20Px, Px = 60 - 0.05Qd.
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Comments
0.02Y – 5Pr = 0.02*35000 – 5*20 = 700 - 100
how did you get the 700 and 100 please can i have the formula
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