# Question

The demand curve for a truckload of firewood for college students in a small town is Qc = 400 – p. It is sometimes convenient to rewrite a demand curve equation with price on the left side. We refer to such a relationship as the inverse demand function. There-fore, the inverse demand curve for college students is p = 400 – Qc. The demand curve for other town residents is Qr = 400 – 2p.

a. What is the inverse demand curve for other town residents?

b. At a price of $ 300, will any firewood be sold to college students? What about other town residents? At what price is the quantity demanded by other town residents zero?

c. Draw the total demand curve, which aggregates the demand curves for college students and other residents.

a. What is the inverse demand curve for other town residents?

b. At a price of $ 300, will any firewood be sold to college students? What about other town residents? At what price is the quantity demanded by other town residents zero?

c. Draw the total demand curve, which aggregates the demand curves for college students and other residents.

## Answer to relevant Questions

Use Equation 2.5, the estimated supply function for avocados, Q = 58 + 15p – 20pf, to determine how much the supply curve for avocados shifts if the price of fertilizer rises by $ 1.10 per lb. Illustrate this shift in a ...Using the supply and demand functions for avocados in the chapter, derive the demand and supply curves if pt = $ 0.80, Y = $ 4,000, and pf = $ 0.95. What is the equilibrium price and quantity of avocados?The major BP oil spill in the Gulf of Mexico substantially reduced the harvest of shrimp and other seafood in the Gulf, but had limited impact on the prices that U. S. consumers paid in 2010 (Emmeline Zhao, “Impact on ...Some cities impose rent control laws, which are price controls or limits on the price of rental accommodations (apartments, houses, and mobile homes). As of 2011, New York City alone had approximately one million apartments ...When Apple raised the price of iTunes from 99¢ to $ 1.29, GS Boyz’s “ Stanky Legg” sales dropped from 22,686 units to 19,692 units (Glenn Peoples, “ iTunes Price Change: Sales Down, Revenue Up in Week 1,” ...Post your question

0