A company that produces lawn chairs uses market surveys and linear regression to develop a demand function based on the wholesal
e price. The demand function is q=-110p+7500. At a price of $45 how many lawn chairs are demanded?
1 answer:
Answer:
q= 2,550
Step-by-step explanation:
Giving the following information:
The demand function is q=-110p+7500.
<u>When the price is 0, the demand q is 7,500 units:</u>
p= 0
q= -110*0 + 7,500= 7,500
<u>Now, when the price is $45, the demand is:</u>
p= $45
q= -110*45 + 7,500
q= -4,950 + 7,500
q= 2,550
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