Assume That the Equation for Demand for Bread at a Small

question 25

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 $Q ^ { \mathrm { d } }$ in terms of $P _ { \mathrm { b } }$ .
b. Draw a graph of the demand curve with $Q ^ { \mathrm { d } }$ on the horizontal axis and $P _ { \mathrm { b } }$ on the vertical axis. Label the curve DD.

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