Given
The demand equation is given
here Q is liters purchased per year, P is the price in dollars per unit and k is a parameter =0.75.
Explanation
a. To determine the quantity of petrol demanded by the average motorist if the price is 1 dollar per liter.
b. To determine the change in quantity demanded.
It is given that the price of petrol increases from $1.0to $2.0 per litre on a sustained basis.
Then the equation becomes
The change in quantity demanded is
Substitute the values.
Answer
a.The quantity of petrol demanded by the average motorist if the price is 1 dollar per liter is 2000 litres per year.
b. The change in quantity demanded is the fall in demand due to negative sign which is 0.4054.
<span>3. subtract 3
that's the next step</span>
This is it if you want it written as an equation:
n - 16
Answer:
y = 5x +26
Step-by-step explanation:
y - y1 = m(x - x1)
y - 6 = 5(x - -4)
y - 6 = 5(x + 4)
y - 6 = 5x +20
y = 5x + 26