Assume That the Equation for Demand for Bread at a Small

question 37

Essay

Assume that the equation for demand for bread at a small bakery is Q^d = 60 - 10P_b + 3Y, where Q^d is the quantity of bread demanded in loaves and Y is the average income in the town in thousands of dollars.
a. If the average income in the town is 10, state the equation for Q^d in terms of P_b.
b. Draw a graph of the demand curve with Q^d on the horizontal axis and P_b on the vertical axis.Label the curve DD.

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