According to one economic model, the demand for gasoline is a linear function of price. If the price of gasoline is p # $3.10 pe
r gallon, the quantity demanded in a fixed period of time is q - 65 gallons. If the price is $3.50 per gallon, the quantity of gasoline demanded is 45 gallons for that period.
a) Find a formula for q (demand) in terms of p (price).
b) According to this model, at what price is the gas so expensive that there is no demand.
a) Find a formula for q (demand) in terms of p (price).
b) According to this model, at what price is the gas so expensive that there is no demand.
1 answer:
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Answer:
p = 2 or p = - 18
Step-by-step explanation:
given = 5 ( multiply both sides by 2 )
| p + 8 | = 10
The expression inside the absolute value can be positive or negative
that is p + 8 = ± 10
p + 8 = 10 ⇒ p = 10 - 8 = 2
p + 8 = - 10 ⇒ p = - 10 - 8 = - 18
Answer:
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