Use the following information on the demand for good X to answer the next 6 questions.Suppose the quantity demanded of good X (Q_dADVANCE \r 0) depends only on the price of good X (P) ,monthly income (MADVANCE \r 1) ,and the price of a related good R (P_RADVANCE \r 0) : $Q _ { d } = 30,500 - 1,000 P + 0.25 M + 5 P _ { R }$
-The equation for the (direct) demand curve for the good when M = $60,000 and P_R = $1,000 is Q_d = _____________.

Question

Use the following information on the demand for good X to answer the next 6 questions.Suppose the quantity demanded of good X (Q_dADVANCE \r 0) depends only on the price of good X (P) ,monthly income (MADVANCE \r 1) ,and the price of a related good R (P_RADVANCE \r 0) :

Q _ { d } = 30,500 - 1,000 P + 0.25 M + 5 P _ { R }

-The equation for the (direct) demand curve for the good when M = $60,000 and P_R = $1,000 is Q_d = _____________.

Quizplus · Accepted Answer

Substituting M = $60,000 and $P_R = $1,000$ into the demand equation $Q_d = 30,500 - 1,000P + 0.25M + 5P_R$, we get $Q_d = 30,500 - 1,000P + 0.25(60,000) + 5(1,000)$. This simplifies to $Q_d = 30,500 - 1,000P + 15,000 + 5,000$, which further simplifies to $Q_d = 50,500 - 1,000P$.

Use the Following Information on the Demand for Good X Qd=30,500−1,000P+0.25M+5PRQ _ { d } = 30,500 - 1,000 P + 0.25 M + 5 P _ { R }Qd​=30,500−1,000P+0.25M+5PR​

Use the Following Information on the Demand for Good X $Q _ { d } = 30,500 - 1,000 P + 0.25 M + 5 P _ { R }$