The demand curve for a truckload of firewood for college students in a small town is...
The demand curve for a truckload of firewood for college students in a small town is
Upper Q Subscript Qc = 450 − p.
It is sometimes convenient to rewrite a demand curve equation with price on the left hand side. We refer to such a relationship as the inverse demand curve. Therefore, the inverse demand curve for college students is
p = 450 − Qc.
The demand curve for other town residents is
Qr = 300 − 2p.
What is the inverse demand curve for other town residents?
The inverse demand curve for other town residents is p =?
Homework Answers
The inverse demand curve for other town residents is p =?
Qr = 300-2p
2p = 300-Qr
p = (300-Qr)/2
p = 150- 0.5 Qr
The inverse demand curve for other town residents is
p = 150-0.5 Qr
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