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In a Linear Equation when the value of the vertical intercepts is 100 and the slope is -15 for price and quantity demanded what is the quantity demanded if the price is three?
Wiki User
∙ 17y ago
If my interpretation of the question is correct, the answer should be the following. However, if my intrepretation is incorrect, please be careful with the following answer. I think there is something missing or misleading in the question. Anyway, here goes. Since the intercept is 100 and the slope is -15. You can derive the equation as Y = -15X + 100. Since the question is asking for quantity demanded and price, just phrase the equation differently. So it becomes P = -15Qd + 100. ( where Y is replaced with P or Price ) and ( X is replaced with Qd or Quantity Demanded ). From this equation, just put the value of P which is 3 and solve the equation. Hence, 3 = -15Qd + 100. From this equation, you can solve the Qd to be 6.466. So the final answer will be 6.466. Hope this helps. (cheong@bgymail.gd.cn)
Wiki User
∙ 17y ago
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What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
What is the shape of demand curve in monopoly?
The demand curve is downwards sloping with price on the vertical axis and quantity demanded on the horizontal axis. This is because as products get more expensive the quantity demanded decreases, other things being equal. Put another way, there is a negative correlation between price and quantity demanded.
Explain the difference between elasticity of demand and the slope of a demand curve?
The demand curve is drawn with price on the vertical axis and quantity demanded on the horizontal axis. Mathematically, the slope of a curve is represented by rise over run, or the change in the variable on the vertical axis divided by the change in the variable on the horizontal axis. Therefore, the slope of the demand curve represents change in price divided by change in quantity. Elasticity, on the other hand, aims to quantify the responsiveness of demand and supply to changes in price, income, or other determinants of demand.
Explain the difference between price consumption curve and a demand curve?
A price consumption curve identifies the utility maximizing combinations of two goods as the price of one of the goods changes. When the price of one of the goods declines, the budget line will pivot outwards, and a new utility maximizing bundle will be chosen. The price consumption curve connects all such bundles. A demand curve is a graphical relationship between the price of a good and the (utility maximizing) quantity demanded of a good, all else the same. Price is plotted on the vertical axis and quantity demanded on the horizontal axis.
How is the equilibrium between price and quantity established?
In both micro and macroeconomics, the equilibrium level of price and quantity are determined by looking at the supply and demand curves (aggregate demand and aggregate supply curves in the case of macroeconomics). The supply and demand curves' steepness and position are established by specific determinants (there are both determinants of supply and determinants of demand). However, these two graphs don't immediately tell you the quantity and price of a good, or aggregate goods in an aggregate market. By looking at the intersection of these two graphs, you can establish the price and quantity. Drawing a vertical line from the intersection, you will arrive at the quantity that is demanded and should be supplied (equilibrium quantity). And drawing a horizontal line from the intersection will give you the price the supplier should charge and what people are willing to pay (equilibrium price).
What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
What is b in the slope intercept form?
b is where the line on the graph intercepts the y axis ( The vertical Line ) in a slope intercept equation
What is the equation for a vertical line using y equals?
y= mx + b. M is the slope of the line, when b is where the line intercepts the y axis.
What does y intercept mean in math?
The y axis is a vertical line on the Cartesian plane and a straight line equation is the point at which it intercepts the y axis.
What is the shape of demand curve in monopoly?
The demand curve is downwards sloping with price on the vertical axis and quantity demanded on the horizontal axis. This is because as products get more expensive the quantity demanded decreases, other things being equal. Put another way, there is a negative correlation between price and quantity demanded.
What is the equetion of a straight line?
Y=mx+b. this equation is used for straight lines on a graph. Each letter represents something different. Y is the y-axis (the vertical lines of the graph). M is the slope. X is the x-axis (the horizontal lines of the graph). B is the y-intercepts (where the line intercepts with the y axis).
What does y in math mean?
The y axis is a vertical line on the Cartesian plane and a straight line equation is the point at which it intercepts the y axis.
How do you make an equation with an undefined slope?
undefined slope is vertical. the equation of a vertical line is x=a , where a is the x intercept
A perfectly price- inelastic demand curve is A horizontal b downward sloping c upward sloping d vertical?
A perfectly price-inelastic demand curve is vertical (Parallel to Y-axix) because the percentage change in quantity demanded is nil whatever the percentage change happens in price.
What is the equation of the vertical line passing through (-4-5)?
What is the equation of the vertical line passing through (-5,-2)
How do you write an equation with and undefined slope?
Any vertical line has an undefined slope. The equation of the vertical line is x = a where the x-intercept is a.
What equation is graphed as a vertical line?
Vertical lines only intersect the x-axis. This means that the equation of a vertical line is x=n. The variable n is the coordinate where on the x-axis the line goes.
