Determine the intercept of the demand function

Reference no: EM133279166

Question - Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units. An eight pesos increase in the price would change quantity demanded by 2 units.

Required - Determine the following:

1. The slope of the demand function (the slope should be in a fraction form)

2. The intercept of the demand function

3. The demand function

4. The price function of demand

5. Draw the graphical illustration

6. Label your graph

Reference no: EM133279166

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