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Slope parameters of the demand function

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Reference no: EM131617808

Consider the general demand function:

Qd = 8,000 - 16P + 0.75M +30Pr

A.  Derive the equation for the demand function when M = $30,000 and Pr = $50.

B.  Interpret the intercept and slope parameters of the demand function derived in part a.

C.  Sketch a graph of the demand function in part a.  Where does the demand function intersect the quantity-demanded axis?  Where does it intersect the price axis?

D.  Using the demand function from part a, calculate the quantity demanded when the price of the good is $1,000 and when the price is $1,500.

E.  Derive the inverse of the demand function in part a.  Using the inverse demand function, calculate the demand price for 24,000 units of the good.

Reference no: EM131617808

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