SOLUTION: If people were willing and able to buy 1500 lbs of tomatoes when the price was
$8 per lb and
2500 lbs of tomatoes when the price was $6 per lb, derive the
demand curve, for to
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-> SOLUTION: If people were willing and able to buy 1500 lbs of tomatoes when the price was
$8 per lb and
2500 lbs of tomatoes when the price was $6 per lb, derive the
demand curve, for to
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Question 1051195: If people were willing and able to buy 1500 lbs of tomatoes when the price was
$8 per lb and
2500 lbs of tomatoes when the price was $6 per lb, derive the
demand curve, for tomatoes.
i am not sure if you have to use a formula (P = a − bQ) and then draw the graph.
i just used the above information and drew the graph as follows :
Price ($)
10
9
8
7
6
5
4
3
2
1
0
500 1000 1500 2000 2500 3000 Qty
Points are p and q and may be ordered pairs, (p,q).
I am using lower case letters for the variables.
The points are (8,1500) and (6,2500).
Linear fit the two points. If you want to try point-slope form, then here:
A little bit of simplification:
...and keep going until you have q as a function of p
(or depending on how this is supposed to be shown, do as p as a function of q).
(