Question #234147

Recently, the Transport Association of Zambia increased the price of bus fares for all long routes in Zambia. Specifically, the price of tickets between Lusaka and Livingstone increased from 200 Kwacha to 250 kwacha. The demand equation Q_d = 2000 - 5P is representative of the demand for bus tickets between Lusaka and Livingstone.

(i)Calculate the new price quantity demanded level

Expert's answer

Given

new price 250

Qs=2000−5pQs=2000-5p

Then

Q=2000−5(250)=2000−1250=750Q=2000-5(250)\\=2000-1250\\=750

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Place free inquiry
Calculate the price
Learn more about our help with Assignments: Microeconomics
Our fields of expertise
Submit Your Assignment. We Can Do It.
LATEST TUTORIALS
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Canada #339914 on Dec 2023