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

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.

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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 ... View full answer

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