Question: Consider the general demand function: Q d = 3,200 - 10P + 0.05M - 24P R Derive the demand function when income is $48,000 and

Consider the general demand function:

Q_d= 3,200 - 10P + 0.05M - 24P_R

Derive the demand function when income is $48,000 and the price of the related good is $200.If you sketch this demand curve, demand is a straight line that intersects the price axis at _____ and the quantity demanded axis at _____ units.

Is it:

a: $80; 800

b. $80;3,200

c. $320; 800

d. $320; 3,200

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

urgent required QUESTION 2 (15 marks) Consider the following general demand and supply functions: QD = 3200 - 10P + 0.05M - 24PR Qs = 100 + 20P - 10P, + 20F where Qo and Qs are quantities demanded...

required urgent Consider the following general demand and supply functions: QD = 3200 - 10P + 0.05M - 24PR Qs = 100 + 20P - 10P, + 20F where Qo and Qs are quantities demanded and supplied,...

I. Which of the following is correct? a) The pivot of the budget line shows the substitution effect while a slope gives the income effect. b) The pivot of the budget line shows the substitution...

The general demand function for good A is Q d = 600 4 P A 0.03 M 12 P B + 15+ 6 P e + 1.5 N where Q d = quantity demanded of good A each month, P A = price of good A, M = average household income, P...

4. Recall that the general demand function for the demand curves In Figure 2.2 Is Qd - 3,200 - 10P + 0.05M + 24PR Derive the demand function for D2 In Figure 2.2. Recall that for D2 Income Is $52,000...

Recall that the general demand function for the demand curves in Figure 2.2 is Q d = 3,200 - 10P + 0.05M + 24P R Derive the demand function for D 2 in Figure 2.2. Recall that for D 2 income is...

1. Consider that you are a full time college student. In addition, you own and run a small computer repair shop. Your payment for building and equipment rentals and wages to an assistant amounts to...

Hi, you will find the instructions in the attached file, thank you, Using the regression results and the other computations from Assignment 1, determine the market structure in which the low-calorie...

Brieflly solve the following question 7 Question 5 Consider the following situation. It is common knowledge between Players 1 and 2 that tomorrow one of three states will occur: a, b or c. It is also...

Math 122 Exam 1 Review Name: __________________________ 1. From the following table, A. Find f(2) B. Find the value(s) of x for which f ( x) 1 . If there is more than one, list them in increasing...

The following accounts are taken from the December 31, 2010 adjusted trial balance of the Reed Company: Cost of goods sold .........$121,120 Interest expense ........... 4,880 Depreciation expense...

Describe the issue of privacy as it is affected by IT.

Blackwell Manufacturing is headquartered in Houston. Texas. For which of the following reasons might the city be users of Bluckwells financial statements? To determine if Blackwell is paying its fair...

A uniform rod of mass M and length L can pivot freely (i.e. we ignore friction) about a hinge attached to a wall, as in Fig. 8-54. The rod is held horizontally and then released. AT the moment of...

A particle moves in the xy-plane. Its coordinates are given as functions of time by x(t) = R (wt sin wt) y(t) = R (1 cos wt) where Rand", are constants. (a) Sketch the trajectory of the particle....

A cube of wood having an edge dimension of 20.0 cm and a density of 650 kg/m3 floats on water. (a) What is the distance from the horizontal top surface of the cube to the water level? (b) How much...

The Garraty Company has two bond issues outstanding. Both bonds pay $100 annual interest plus $1,000 at maturity. Bond L has a maturity of 15 years, and Bond S a maturity of 1 year. a. What will be...

During an expansion process, the pressure of a gas changes from 15 to 100 psia according to the relation P = aV + b, where a = 5 psia/ft3 and b is a constant. If the initial volume of the gas is 7...

Case: Irasen Foods and Beverages is planning on opening a new plant in 18 months. You have been invited to prepare a plan to hire, select and train almost five-hundreds new employees that will be...

1. Discuss the following statements: a) Mastery is not the same as understanding. b) Being bigger than is not the same as being the thing that is bigger. c) The difference between order and disorder...

5. It is the needs of the individual that are important.

6. It is what the person has previously done for the group that is the deciding factor.