Answer to Question #142347 in Finance for Mr. Dinesh Pal Singh

Question

31. It is known that quantity demanded decreases by 2 units for each $1 increase in price. At a price of $5, quantity demanded is 10 units.
i) What will be the quantity demanded if price is zero?
ii) Write an equation for quantity demanded as a function of price.
iii) Write an equation that expresses price as function of quantity.
iv) Write an equation for total revenue.

Answer 1

Dear Mr. Dinesh Pal Singh, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order