Answer to Question #231063 in Economics for Marie

Question #231063

Given a demand function Qd=no+b1p+b2po+b3y+b4t. where bo=200, b1=-6, b2=0.8, b3=0.01, b4=0.10, P0=5.0 t=160, y=800.
Find the quantity of fish, and what price it will be sold.

Expert's answer

"Q_D=200-6p+0.8\\times5+0.01\\times800+0.1\\times160"

"Q_D=228-6p"

"228-6p>0"

"p<38"

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