Question

How to calxulate demand function using demand schedule?

Answer 1

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In economics, supply and demand functions come in many shapes and sizes. However, for the sake of simplicity we often assume they are linear. This makes it much easier to compute them, which in turn is important to analyze and understand many basic economic concepts (e.g. calculating consumer surplus). Therefore, linear demand functions are quite popular in econ classes (and quizzes). Luckily, calculating them is not rocket science. It follows a simple four-step process: (1) Write down the basic linear function, (2) find two ordered pairs of price and quantity, (3) calculate the slope of the demand function, and (4) calculate its y-intercept.