Given the Demand Function Q_X = 1500 - 100P_X

question 26

Multiple Choice

Given the demand function Q_X = 1500 - 100P_X + 75P_Y + 1.5I + .06A where P_Y = $40.00. I = $2500, and A = $5,000, what is the price equation?

• A) P_X = 15 - .01Q_X
• B) P_X = 15 + 100Q_X
• C) P_X = 85.50 - 100Q_X
• D) P_X = 85.50 - .01Q_X
• E) P_X= 85.5 + .01Q_X

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Definitions:

Sellers

Individuals or entities that offer goods or services for sale to consumers or other businesses in the market.

Expected

Refers to the anticipated outcome, value, or occurrence based on probability or prior evidence.

Increase

To become or cause to become greater in size, amount, number, or degree.

Consumer Incomes

The total amount of income received by consumers, influencing their purchasing power and demand for goods and services.