Answers>Economics>IB>Article

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

Answered by Joanna B. • Economics tutor

2596 Views

See similar Economics IB tutors

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

Related Economics IB answers

What are economic stabliziers?

What are causes of exchange rate fluctuations?

How might an increase in average income levels affect the average price level?

What are the ways to combat high inflation?