1. It is known that the number of lunches demanded is 80 units when the price is GH¢5.00 and 45 units when the price is GH¢12.00 Determine the equation of the demand function in the form 0= fP) Use the equation of the demand function to calculate the change in demand when the price; increases by GH¢3.00; decreases by GH¢2.00 Estimate the decrease in price for each lunch when the number of lunches demanded (quantity demanded) increases by GH¢15

1. It is known that the number of lunches demanded is 80 units when the price is GH¢5.00 and 45 units when the price is GH¢12.00 Determine the equation of the demand function in the form 0= fP) Use the equation of the demand function to calculate the change in demand when the price; increases by GH¢3.00; decreases by GH¢2.00 Estimate the decrease in price for each lunch when the number of lunches demanded (quantity demanded) increases by GH¢15

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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