7.Consider the general demand function : Qa 3D 8,000 — 16Р + 0.75м + 30P | (a) Derive the equation for the demand function when M = $30,000 and PR = $50 and Interpret the %3D intercept and slope...

Please solve this question

Extracted text: 7.Consider the general demand function : Qa 3D 8,000 — 16Р + 0.75м + 30P | (a) Derive the equation for the demand function when M = $30,000 and PR = $50 and Interpret the %3D intercept and slope parameters of the demand function. (b) a graph of the demand function in part a. Sketch Where does the demand function intersect the quantity-demanded axis? Where does it intersect the price axis? (e) Using the demand function from part a, calculate the quantity demanded when the price of the good is $1,000 and when the price is $1,500. (d) Derive the inverse of the demand function in part а.