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

2032 Views

See similar Economics IB tutors

Related Economics IB answers

All answers ▸

Under what conditions can a firm sell the same product at different prices?


How many diagrams do I have to draw in an answer, and how do I use them in my answer?


I do not understand how demand and supply work, can you please explain it to me?


Discuss the consequences of imposing an indirect tax on a demerit good (unhealthy food)


We're here to help

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

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences