Draw a graph with q on the horizontal axis

Reference no: EM131328001

The demand function for a certain product, q = D(p), is linear, where p is the price per item in dollars and q is the quantity demanded. If p increases by $5, market research shows that q drops by two items. In addition, 100 items are purchased if the price is $550.

(a) Find a formula for

(i) q as a linear function of p

(ii) p as a linear function of q

(b) Draw a graph with q on the horizontal axis.

Reference no: EM131328001

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