Question
Suppose the two price and quantity combinations (Q=12, P = 79) and (Q = 100, P = 7) lie on the market demand curve.
Suppose the two price and quantity combinations (Q=12, P = 79) and (Q = 100, P = 7) lie on the market demand curve. Solve for the market demand curve equation in the form P=a-bQ What is a + b? Enter your answer as a number to 2 decimal places. NOTE: ADD THE ABSOLUTE VALUES OF a AND b TOGETHER, E.G. IF P = 100-5Q, THEN a + b = 105.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
ANS WER a b 86 00 P a b Q 79 a b 12 7 a b 100 79 b 100 a b 12 1 79 112 b 88 b 0 ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Physics
Authors: Alan Giambattista, Betty Richardson, Robert Richardson
2nd edition
77339681, 978-0077339685
Students also viewed these Economics questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App