characteristics:
• When Sam-I-Am LLC sets the price for Green Ham at $4, 100 units of Green Ham
are sold.
• When the price of Green Ham is raised to $6, and all other factors are held
constant, 80 units of Green Ham are sold.
• The consumers in the market for Green Ham have an average income of $1,000.
• When the price of Green Ham is $6 and consumers’ income increases from
$1,000 to $2,000, and all other factors are held constant, the amount of Green
Ham sold increases by 15 units.
• When the price of Green Eggs increases from $2 to $3, and all other factors are
held constant, the amount of Green Ham sold decreases by 15 units.
• When Sam-I-Am LLC runs a charity event that provides free Green Ham and free
Green Eggs to those to consumers with no income, 500 units of Green Ham are
consumed. Answer the following questions and explain your reasoning:
a. Using the market information above, write a linear quantitative demand function for
Green Ham. Be sure your demand function describes the relationship between the
Quantity demanded of Green Ham and the price of Green Ham, the price of Green
Eggs, and consumer income.