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Answer to Question #86263 in Microeconomics for Langanani
Question #86263
If Y = R35 000 and Pr = R20, draw the precise demand curve for product X.
Expert's answer
If Y = R35 000 and Pr = R20, then to draw the precise demand curve for product X we need to know the equation of the demand function, which can't be found without additional information.
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The demand function for product X is: Qd = 600 – 20Px + 0.02Y – 5Pr The supply function is: Qs = –300 + 10Px Where: Qd = the quantity of X demanded Qs = the quantity of X supplied Px = the price of product X Y = the average consumer income Pr = the price of the related product R If Y = R35 000 and Pr = R20, draw the precise demand curve for product X.
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