Answer to Question #70957 in Microeconomics for oluwaseun adeagbo

Question #70957
Find the slope of an assumed linear demand curve for garri, when Mr. Anthony purchase 1000 quantities at N200 per plastic and 500 quantities at N350 per plastic?
1
Expert's answer
2017-11-08T12:59:07-0500
Function of demand is Q = a – b*P, where b – slope of an assumed linear demand curve, b = -((Q2 – Q1) / (P2 – P1)) = -((1000-500)/(200-350)) = 3.33. So, slope of an assumed linear demand curve is 3.33.

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