Answer to Question #86693 in Microeconomics for lyndall

Question

we are using the same equation as we previously did
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.

Answer 1

The answer to your question is provided in the image: