Answer to Question #66161 in Microeconomics for usman
Based on these data, describe the relevant relationship between the price of a hamburger and the quantity consumers are willing to purchase, using a verbal statement, a numerical table, and a graph. Which model do you prefer and why?
what is the answer of this question
(Q - 20,000)/(80,000 - 20,000) = (P - 4)/(1 - 4),
(Q - 20,000)/60,000 = (4 - P)/3,
20,000*(4 - P) = Q - 20,000,
80,000 - 20,000P = Q - 20,000,
Qd = 100,000 - 20,000P.
Graph is most preferable model then other, because it clearly shows the relationship between the price and quantity.
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