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 $8.00 and 8,000 (x = 8) when the unit price is $4.00. Determine the demand equation.

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 $8.00 and 8,000 (x = 8) when the unit price is $4.00. Determine the demand equation.

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 $8.00 and 8,000 (x = 8) when the unit price is $4.00. Determine the demand equation.

Assume That the Demand Function for a Certain Commodity Has