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Problem: Suppose the demand for gizmos is given by the following expression: P=20-5QD +4 I (Income) In this expresiion, P is the price gizmo, quantity is given in millions of units, and I is income....

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Problem:

Suppose the demand for gizmos is given by the following expression: P=20-5QD +4 I (Income)

In this expresiion, P is the price gizmo, quantity is given in millions of units, and I is income.

a. Given that income is 20, calculate Price when QD is 1,2,3 and 4. Show your results in he table below. Show your work.

P QD I

1 20

2 20

3 20

4 20

b. Now assume that income has decreased to 10. Calculate the new quantities.

P QD I

1 10

2 10

3 10

4 10

Graph the demand curves based on the info above

Answered Same Day Dec 20, 2021

Solution

Robert answered on Dec 20 2021
123 Votes
Suppose the demand for gizmos is given by the following expression: P=20-5QD +4 I (Income) In this expresiion, P is the price gizmo, quantity is given in millions of units, and I is income.
a. Given that income is 20, calculate Price when QD is 1,2,3 and 4. Show your results in he table below. Show...
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