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How many units of the good would be sold

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Reference no: EM132614688

Suppose a market is characterized by a market demand given by P= 240 - 2 Q

Question a. For the general linear demand expression P= a-bQ, what are the a and b values in the above numerical demand?

Question b. What is the range of possible prices of the good/ service in the market

Question c. What is the range of possible quantities of the good/ service that will be sold in market

Question d. If price were set at $40 this market, how many units of the good would be sold? Will any of those units be sold to consumers who are willing to pay more than $40? Explain

Reference no: EM132614688

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