Homework Answers
Answer
Equation for demand is the form of
Q=a+bP
a=x-axis intercept=6000
and b=slope
Using the point the curve (0, 60)
0=6000+b60
b60=-6000
b=-6000/60=-100
Then the equation is
Q=6000-100P
The inverse of the curve is
Q=6000-100P
100P=6000-Q
P=60-0.01Q
So the curve is
P=60-0.01Q
Option 3
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