Following table shows information about the demand for 20 lbs box of apples in the wholesale...

 

Transcribed Image Text:

Following table shows information about the demand for 20 lbs box of apples in the wholesale market. Price, P ($/box) Quantity Qd (boxes) 100 0 80 30 60 60 40 90 20 120 1. Draw a graph with Price (P) on the vertical axis and Quantity demanded (Qd) on the horizontal axis? 2. Write the equation for this inverse demand function, i.e, price P as a function of the quantity Qd. 3. Write the equation for the demand function, i.e, quantity Qd as a function of the price P corresponding to the above inverse demand function. 4. What is the quantity demanded when P = $50/box? Following table shows information about the demand for 20 lbs box of apples in the wholesale market. Price, P ($/box) Quantity Qd (boxes) 100 0 80 30 60 60 40 90 20 120 1. Draw a graph with Price (P) on the vertical axis and Quantity demanded (Qd) on the horizontal axis? 2. Write the equation for this inverse demand function, i.e, price P as a function of the quantity Qd. 3. Write the equation for the demand function, i.e, quantity Qd as a function of the price P corresponding to the above inverse demand function. 4. What is the quantity demanded when P = $50/box?