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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
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How can I write a good answer in English Literature?

Read the question over ta few times.Underline key words and phrases in the questions Make a brief plan of your answer, ensuring that you cover every point asked in the question (refer back to the parts you u...
MS
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When do I use it and how do I use the past perfect?

The past perfect is used to describe a past action that happened before another past action.It expresses the anteriority of a past action, compared to another past action expressed by the simple past, the pr...
Answered by • French tutor
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"Tell about a weakness that you have"

This is a common question asked by interviewers. It aims to see how you can identify your own weaknesses and how you have tried to overcome them. This is an important skill for medical students and so being ...
CC
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A medical test will be positive for 0.05% of people and negative for everyone else. Suppose a hospital will test 4000 patients each day. Use an appropriate approximation to find the probability that 5 people test positive tomorrow. (5SF)

Note that we have a constant probability, fixed number of tests, independent patients and only two outcomes, so we can write a binomial distribution X~Bin(4000,0.0005) where X is the random variable represen...
JM
Answered by John M. • Maths tutor
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