Assume That the Equation for Demand for Bread at a Small

Essay

Assume that the equation for demand for bread at a small bakery is Q^d = 60 - 10P + 3Y, where Q^d is the quantity of
b
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 Qd in terms of P .
b
b. Draw a graph of the demand curve with Qd on the horizontal axis and P on the vertical axis. Label the b .curve DD.