4. Plot the following Price and Quantity combinations. Note that the points are given in the format (Quantity, Price).
(0,50),(2,40),(4,30),(6,20),(8,10)
5. Using the equation of a line, what is the algebraic formula of this demand curve?
Homework Answers
Equation of a line is:
y = mx + b
Q = mP + b
Putting Q = 0 and P = 50 in the equation, we get
0 = 50m + b
b = -50m
Putting Q = 2 and P = 40 in the same equation, we get,
2 = 40m + b
Replacing b = -50m in the above, we get,
2 = 40m - 50m
-10m = 2
m = - 0.2
b = (-50 × -0.2) = 10
Therefore, the demand curve is given by:
Q = -0.2 P + 10
The demand curve is graphed in the figure below:
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