Question

The demand function of a commodity X is given by qx=20-3px find out the value of px when corresponding value of qx are given as5,8,11,14

Answer 1

Answer:

when q(x)=5,8,11,14 the value of p(x)=5,4,3,2 respectively

Explanation:

The demand function of a commodity X is given by the following equation-

$q(x)=20-3*p(x)$

Now substituting the value of q(x)=5

$q(x)=20-3*p(x)\\5=20-3*p(x)\\3*p(x)=15\\p(x)=\frac{15}{3}\\ p(x)=5$

Now substituting the value of q(x)=8

$\\q(x)=20-3*p(x)\\8=20-3*p(x)\\3*p(x)=20-8\\3*p(x)=12\\p(x)=\frac{12}{3}\\ p(x)=4$

Now substituting the value of q(x)=11

$q(x)=20-3*p(x)\\11=20-3*p(x)\\3*p(x)=9\\p(x)=\frac{9}{3}\\ p(x)=3$

Now substituting the value of q(x)=14

$q(x)=20-3*p(x)\\14=20-3*p(x)\\3*p(x)=6\\p(x)=\frac{6}{3}\\ p(x)=2$