Qd=420-30P. From this equation identify the slope of the demand function and calculate the price at 60 units.

In the general demand function Qd=a-bP, b is the slope. Therefore 30 is the slope of this demand function.When Qd=60 price is calculated by:60= 40-30P30P=420-6030P=360P=12

Answered by Joanna B. Economics tutor

1815 Views

See similar Economics IB tutors

Related Economics IB answers

All answers ▸

Explain why the economy always returns to Yf in the new classical model.


How does GDP perform as an indicator of economic welfare?


A government decides to Impose an indirect tax on fast food. Discuss the effects for the stakeholders in these markets.


What is the effect of an indirect tax on the cigarette market?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo
Cookie Preferences