At a unit price of $625, the quantity demanded of a certain commodity is 75 pounds. If the unit price increases to $765, the quantity demanded decreases by 28 pounds. Find the demand equation (assuming it is linear) where p is the unit price and x is the quantity demanded for this commodity in pounds.

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Asked Sep 4, 2019
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At a unit price of $625, the quantity demanded of a certain commodity is 75 pounds. If the unit price increases to $765, the quantity demanded decreases by 28 pounds. Find the demand equation (assuming it is linear) where p is the unit price and x is the quantity demanded for this commodity in pounds.

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Expert Answer

Step 1

For the given condition, the demand decreases with the increase in unit price.

At initial stage, unit price, p and the demand x are,

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P $625 and = 75 pounds

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Step 2

At second stage, unit price a...

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P1 $765 and x2 = 75 - 28= 47 pounds

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