Answer to Question #142347 in Finance for Mr. Dinesh Pal Singh

Question #142347
31. It is known that quantity demanded decreases by 2 units for each $1 increase in price. At a price of $5, quantity demanded is 10 units.
i) What will be the quantity demanded if price is zero?
ii) Write an equation for quantity demanded as a function of price.
iii) Write an equation that expresses price as function of quantity.
iv) Write an equation for total revenue.
Expert's answer
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