Question

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.

Answer 1

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

$$Q_D=228-6p$$

$$228-6p>0$$

$$p<38$$