Question: Given the demand function for beef (kg) P=100-2Q 1) How much would the price have to fall for consumers to be willing to buy 1

Given the demand function for beef (kg) P=100-2Q

1) How much would the price have to fall for consumers to be willing to buy 1 more kg of beef per day and if the price decreases by 0.7, by how much will the demand change?

Please show calculations to better understand answers as i only have a good knowledge of maths but not calculus.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!