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Answer to Question #53517 in Finance for Asif

Question #53517
It is known that quantity demanded decreases by two units for each \$1 increase in price. At a price of \$5, quantity demanded is ten units. a) What will be the quantity demanded is price is zero? b) Write and equation for quantity demanded as a function of price. c) Write an equation that expresses price as a function of quantity. d) Write an equation for total revenue.
1
2015-07-23T00:00:42-0400
It is known that quantity demanded decreases by two units for each \$1 increase in price. At a price of \$5, quantity demanded is ten units.
a) If the price is zero the quantity demanded will be zero too.
b) The equation for quantity demanded as a function of price is Q = 20 - 2P.
c) An equation that expresses price as a function of quantity will be P = 10 - 0.5Q.
d) An equation for total revenue is:
TR = P*Q = (10 - 0.5Q)*Q = 10Q - 0.5Q^2.

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