Suppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each. Please detailed workin . Find a linear equation for the: (i). Demand curve. (ii). Demand function. (b). Find the price per unit when 30 units are demanded.

Suppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each. Please detailed workin . Find a linear equation for the: (i). Demand curve. (ii). Demand function. (b). Find the price per unit when 30 units are demanded.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.3P

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Question

Suppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each.
Please detailed workin
. Find a linear equation for the:
(i). Demand curve.
(ii). Demand function.

(b). Find the price per unit when 30 units are demanded.

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