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asambeis [7]
3 years ago
15

At a unit price of $992, the quantity demanded of a certain commodity is 74 pounds. If the unit price increases to $1034, the qu

antity demanded decreases by 21 pounds. Find the demand equation (assuming it is linear) where p is the unit price and x is the quantity demanded for this commodity in pounds.
Business
1 answer:
Valentin [98]3 years ago
7 0

Answer:

Price= -0.79 Quantity demanded +1050.64

Explanation:

x1= 74          x2= 21

y1= $992     y2= $1034

If we have two x values ( in this case the independent variable is quantity demanded) and if we have two Y values ( in this case the dependent variable is price) we can calculate the slope (m) of the equation by using this formula:

m= (y2-y1)/(x2-x1)

m=(1034-992)/ (21-74)

m= -0.79

To find the equation we use this formula:

Y-y1= m (X-x1)

We can use either of the points the problem gives us.

Y-992= -0.79 (X-74)

Y-992= -0.79 X + 58.64

Y= -0.79 X+ 58.64+992

Y= -0.79X +1050.64

Price= -0.79 quantity demanded +1050.64

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1 year ago
Abc toys, a u.s.-based toy manufacturer, has set up a manufacturing plant in hong kong. this is an example of
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3 years ago
Increased access to workplace tools and information means work hours may be more
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After developing a computer locking system, Caffrey Computer Corp. worked out a licensing deal with Chicago Desktop (a potential
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<u>A Strategic Alliance</u>

Explanation:

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Astro Co. sold 20,500 units of its only product and incurred a $67,750 loss (ignoring taxes) for the current year as shown here.
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Answer:

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