Assume that the demand function for a certain commodity has the form
Where x is the quantity demanded, measured in units of a thousand, and p is the unit price in dollars. Suppose the quantity demanded is 4,000 (x = 4) when the unit price is $7.00 and 7,000 (x = 7) when the unit price is $4.00. Determine the demand equation.

A)

Question

Assume that the demand function for a certain commodity has the form ​  ​
Where x is the quantity demanded, measured in units of a thousand, and p is the unit price in dollars. Suppose the quantity demanded is 4,000 (x = 4) when the unit price is $7.00 and 7,000 (x = 7) when the unit price is $4.00. Determine the demand equation.
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A) ​

Quizplus · Accepted Answer

The Answer of Assume that the demand function for a certain commodity has the form ​  ​
Where x is the quantity demanded, measured in units of a thousand, and p is the unit price in dollars. Suppose the quantity demanded is 4,000 (x = 4) when the unit price is $7.00 and 7,000 (x = 7) when the unit price is $4.00. Determine the demand equation.
​
A) ​

Assume That the Demand Function for a Certain Commodity Has