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8 September, 09:09

The quantity demanded x for a certain brand of MP3 players is 100 units when the unit price p is set at $80. The quantity demanded is 1100 units when the unit price is $40. Find the demand equation.

p =

+1
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  1. 8 September, 11:43
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    Answer:p = (2100 - x) / 25

    Step-by-step explanation:

    According to the law of demand, when the price, p of the brand of MP3 players is is high, the quantity, x of the brand of MP3 players demanded would be low and when the price, p of the brand of MP3 players is is low, the quantity, x of the brand of MP3 players demanded would be high.

    To derive the demand equation, we would apply the slope intercept form of equation which is expressed as

    y = mx + c

    Where

    m = slope

    c = intercept

    The slope, m would be

    (y2 - y1) / (x2 - x1)

    Slope = (1100 - 100) / (40 - 80) = 1000/-40

    Slope = - 25

    To find the y intercept, we would substitute m = - 25, y = 1100 and x = 40 into y = mx + c. It becomes

    1100 = - 25 * 40 + c

    1100 = - 1000 + c

    c = 1100 + 1000 = 2100

    y = - 25x + 2100

    Therefore, the demand equation is

    x = - 25p + 2100

    25p = 2100 - x

    p = (2100 - x) / 25
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