The demand function of a commodity X is Dx= 100-10P (Price ≤ 10). (i) Derive demand schedule and draw demand curve on the scale. (ii) Calculate the slope of the curve.
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Answer:
If the demand curve is linear, then it has the form: p = a - b*q, where p is the price of the good and q is the quantity demanded. The intercept of the curve and the vertical axis is represented by a, meaning the price when no quantity demanded. and b is the slope of the demand function.
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The different types of demand (as shown in Figure-1) are discussed as follows:
The different types of demand (as shown in Figure-1) are discussed as follows:i. Individual and Market Demand: ...
The different types of demand (as shown in Figure-1) are discussed as follows:i. Individual and Market Demand: ... ii. Organization and Industry Demand: ...
The different types of demand (as shown in Figure-1) are discussed as follows:i. Individual and Market Demand: ... ii. Organization and Industry Demand: ... iii. Autonomous and Derived Demand: ...
The different types of demand (as shown in Figure-1) are discussed as follows:i. Individual and Market Demand: ... ii. Organization and Industry Demand: ... iii. Autonomous and Derived Demand: ... iv. Demand for Perishable and Durable Goods: ...
The different types of demand (as shown in Figure-1) are discussed as follows:i. Individual and Market Demand: ... ii. Organization and Industry Demand: ... iii. Autonomous and Derived Demand: ... iv. Demand for Perishable and Durable Goods: ... v. Short-term and Long-term Demand:
Explanation:
Ans
To find equilibrium
If Qd = 100 - 10p and Qs = 10p
then set Qd = Qs
10p = 100 - 10p
20p = 100
p = 5
Qd = 100 - 10*5 = 50
Qs = 10*5 = 50
Answer:
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