Question: Problem 2 . An 8 - year Lizzie consumes cherries and apples. Her demand furk cherries is q c = m - 3 0 p
Problem An year Lizzie consumes cherries and apples. Her demand furk cherries is where is her income, is price of cherries, and is price of apples. Lizzie's income is $ and the price of apples is $
a Are cherries and apples substitutes?
b What is Lizzie's demand function for cherries, when her income is $ and price of applies is $
c What is Lizzie's inverse demand function for cherries, when her income is $ and price of applies is $
d At what price would Lizzie buy cherries?
e Graph Lizzie's inverse demand function.
f Suppose the price of applies rises to $ Write Lizzie's new inverse demand function and plot it on the previous graph.
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