State equation of linear demand function.Plz tell fast
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In its standard form a linear demand equation is Q = a - bP. That is, quantity demanded is a function of price. ... Total revenue equals price, P, times quantity, Q, or TR = P×Q.
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Demand might be represented by a linear demand function such as. Q(d) = a - bP. Q(d) represents the demand for a good. P represents the price of that good. Economists might consider how sensitive demand is to a change in price.
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