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

question 62

Multiple Choice

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 = _____________.

• A)Q_d = 50,500 - 1,000P
• B)Q_d = 30,500 - 1,000P
• C)Q_d = 30,500 - 1,000P + 0.25M
• D)Q_d = 30,500 - 1,000P + 5P_R
• E)P = 50.5 - 0.0001 P