Ask Question
BusinessBusiness
19 January, 14:41

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?

+5
Answers (1)
  1. 19 January, 16:57
    0
    The linear demand curve is of the form

    Q = a - bP

    where

    Q = quantity

    P = price

    b = the slope, the rate of change of price with respect to demand

    a = the intercept (when the price is zero).

    When Q = 1000, P = N200, therefore

    a - 200b = 1000 (1)

    When Q = 500, P = N350. Therefore

    a - 350b = 500 (2)

    Subtract (2) from (1).

    150b = 500

    b = 3.333

    The slope is usually negative but it is expressed as ΔP/ΔQ, that is

    (Absolute change in price) / (absolute change in quantity).

    Answer: 3.33
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Find the slope of an assumed linear demand curve for garri, when Mr. Anthony purchase 1000 quantities at N200 per plastic and 500 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Table 22.1 labor union membership year number of members 1933 2,857,000 1934 3,728,000 1935 3,753,000 1936 4,107,000 1937 5,780,000 1938 8,265,000 1939 8,980,000 1940 8,944,000 1941 10,489,000 1942 10,762,000 1943 13,642,000 1944 14,621,000 1945
Answers (1)
All of the following are conducive to economic growth except A. a reliable banking system B. an unfavorable balance of trade and payments C. a strong stock market and a government that discourages corruption D.
Answers (1)
Petty cash accounting LO P2 1. The petty cash fund of the Brooks Agency is established at $190. At the end of the current period, the fund contained $121 and had the following receipts: film rentals, $15, refreshments for meetings, $20 (both
Answers (1)
If the prices of all goods and services produced in the economy rose while the quantity of all goods and services stayed the same, which would rise? a. both real GDP and nominal GDP. b. real GDP but not nominal GDP. c. nominal GDP but not real GDP.
Answers (1)
Note Payable (due Nov 1, 20X2) $ 2,000 Retained Earnings (Jan. 1, 20X1) $ 3,900 Revenues 55,600 Supplies 700 Supplies Expense 6,600 Cash 6,900 Insurance Expense 800 Prepaid Advertising 1,200 Depreciation Expense 100 Rent Expense 6,900 Common Stock
Answers (1)
New Questions in Business
What does a clean kitchen show an inspector about a restaurant? a. a clean kitchen shows that the person in charge is working their shift. b. clean kitchens show that the team is healthy and not sick. c.
Answers (1)
Benjamin Company had the following results of operations for the past year: Sales (16,000 units at $10) $ 160,000 Direct materials and direct labor $ 96,000 Overhead (20% variable) 16,000 Selling and administrative expenses (all fixed) 32,000
Answers (1)
In order to achieve a high economic freedom rating, what should a country do?
Answers (1)
Find the ordinary time of a loan made on March 10 and due on May 10. 30 days 60 days 61 days 62 days
Answers (1)
Javier's employer pays for 43% of his annual health insurance premium. Javier pays the remaining balance by having it deducted from his paychecks in equal amounts twice a month throughout the year. If $157.
Answers (1)
Home » Business » 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?
Sign Up Forgot Password?