Suppose a certain outlet chain selling appliances has found that for one brand of home theater, the monthly demand is 350 when the price is $700. However, when the price is $660, the monthly demand is 450. Assuming that the demand function for this system is linear, write the equation for the demand function. Use p for price and q for quantity. ___________________

Suppose a certain outlet chain selling appliances has found that for one brand of home theater, the monthly demand is 350 when the price is $700. However, when the price is $660, the monthly demand is 450. Assuming that the demand function for this system is linear, write the equation for the demand function. Use p for price and q for quantity. ___________________

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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