Answer to Question #142964 in Microeconomics for marimarkim

Question

Suppose the equation of the line changes to P= -5×Q+70. Compute the quantity demanded at each indicated price.
Price: 50, Quantity:
Price: 40, Quantity:
Price: 30, Quantity:

Answer 1

Price: 50, Quantity:

50 = -5Q + 70

5Q = 70 -50

5Q = 20

Q = 4

Price: 40, Quantity:

40 = -5Q + 70

5Q = 30

Q = 6

Price: 30, Quantity:

30 = -5Q + 70

5Q = 40

Q = 8