The general demand and supply functions for good A are estimated to be, respectively: where is quantity demanded per month, is quantity supplied per month, P is price of good A, M is average household income, and is the price of a related good R Assume the following values of the shift variables: M = $42,500, and = $30.
-The equation for INVERSE demand is _________________________.

Question

The general demand and supply functions for good A are estimated to be, respectively:  where  is quantity demanded per month,  is quantity supplied per month, P is price of good A, M is average household income, and  is the price of a related good R Assume the following values of the shift variables: M = $42,500, and  = $30.
-The equation for INVERSE demand is _________________________.

Quizplus · Accepted Answer

The Answer of The general demand and supply functions for good A are estimated to be, respectively:  where  is quantity demanded per month,  is quantity supplied per month, P is price of good A, M is average household income, and  is the price of a related good R Assume the following values of the shift variables: M = $42,500, and  = $30.
-The equation for INVERSE demand is _________________________.

The General Demand and Supply Functions for Good a Are