Answer to Question #257491 in Math for Yoona

Question

5. A general form of demand function is given by the equation:

  

where P is the price of the goods, Y is income,  is the price of a related goods (here a substitute), and T is taste. 

a. Give the meaning of each slope.

b. Draw the graph for the demand function assuming.

c. What happens to the graph if the price of the goods changes from 5 to 6?

d. What happens to the graph if any of the other variables change? For example, if income increases to 7400?

e. What happens graph if the slope corresponding to P changes to -20?

f. Graph the function if P is graphed on the vertical axis and is graphed on horizontal axis.