In the Market for Good X, Demand Is Q^D =

question 5

Multiple Choice

In the market for good X, demand is Q^D = 6,000 - 0.8P and supply is Q^S = 0.4P - 300. Which of the following is the inverse supply equation?

• A) P = 6,000 + 0.8Q
• B) P = 300 + 0.4Q
• C) P = 7,500 + 1.25Q
• D) P = 750 + 2.5Q

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Definitions:

Qualitative Forecasting

A forecasting method that uses expert opinions and other non-quantifiable information to predict future events.

Expert Opinion

Advice or evaluation from someone recognized as an authority in a specific field, often used as a credible source of information.

Future

An undefined time period that has yet to occur, encompassing all events and possibilities that are to come.

Contingency Planning

The process of preparing strategies to deal with unexpected situations that may disrupt operations or cause harm to the organization.