Qd=420-30P. From this equation identify the slope of the demand function and calculate the price at 60 units.

In the general demand function Qd=a-bP, b is the slope. Therefore 30 is the slope of this demand function.When Qd=60 price is calculated by:60= 40-30P30P=420-6030P=360P=12

JB
Answered by Joanna B. Economics tutor

2361 Views

See similar Economics IB tutors

Related Economics IB answers

All answers ▸

Define the term monopoly and outline its characteristics.


What is the difference between demand and aggregate demand?


Explain how fiscal policy could be employed to pull an economy out of a recessionary gap


To what extent is an increase in taxes an effective way to correct a negative externality of consumption in the case of tobacco.


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2026 by IXL Learning