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The general demand function for a good, Good A, is:
QD = 800 â?" 5*P + 0.02*M + 6*PR + 3*T + 5*PE + .4*N
WhereQD = quantity demanded of Good A per monthP = the price of Good AM = average household incomePR = the price of a related good, weâ??ll call it Good BT = a consumer taste indexPE = the price consumers expect to pay next month for Good AN = the number of buyers in the market
Explain:
Assume M = $80,000, PR = $30, T = 5, PE = $12, and N = 6,000. Using these, calculate and write down the direct demand function for Good A. Show your math. Watch the decimals! The coefficient on M is 0.02 and the coefficient on N is .4
Using your answer to part â??câ? directly above, calculate and write down the inverse demand function for Good A. Show your math.
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