demand curve
Project Description:
looking for this to be answered in excel. i need the graph complete along with answers for a through g...
the demand curve is given by
qd = 500  5px + 0.5i + 10py  2pz
where
qd quantity demanded of good x
px price of good x
i consumer income, in thousands
py price of good y
pz price of good z
a.based on the demand curve above, is x a normal or an inferior good?
b. based on the demand curve above, what is the
relationship between good x and good y?
c. based on the demand curve above, what is the
relationship between good x and good z?
d. what is the equation of the demand curve if
consumer incomes are $30,000, the price of
good y is $10, and the price of good z is $20?
e. graph the demand curve that you found in (d),
showing intercepts and slope.
f. if the price of good x is $15, what is the quantity demanded? show this point on your
demand curve.
g. now suppose the price of good y rises to $15.
graph the new demand curve.
the demand curve is given by
qd = 500  5px + 0.5i + 10py  2pz
where
qd quantity demanded of good x
px price of good x
i consumer income, in thousands
py price of good y
pz price of good z
a.based on the demand curve above, is x a normal or an inferior good?
b. based on the demand curve above, what is the
relationship between good x and good y?
c. based on the demand curve above, what is the
relationship between good x and good z?
d. what is the equation of the demand curve if
consumer incomes are $30,000, the price of
good y is $10, and the price of good z is $20?
e. graph the demand curve that you found in (d),
showing intercepts and slope.
f. if the price of good x is $15, what is the quantity demanded? show this point on your
demand curve.
g. now suppose the price of good y rises to $15.
graph the new demand curve.
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