Homework Help: math

Posted by Anonymous on Monday, January 14, 2013 at 9:44am.

Hello

I was wondering if someone could help me with this.

P=Price
Q=Quantity
TR = Total Revenue

Price ($) Quantity
7 0
6 100
5 200
4 300
3 400
2 500
1 600
0 700

Total Revenue = P X Q

We assume a linear relationship.

They said that they know the demand curve is Q = 700 - 100P

How did they get that? Do you have to do a graph to figure that out? How do you get that based on looking at the data?

Thanks in advance.

math - drwls, Monday, January 14, 2013 at 9:46am
Draw a graph and you will see that it is true. Each drop in price (P) of one unit results in an increase in quantity (Q) of 100.

Answer this Question

Related Questions

college/microeconomics - Just needing to know if I have done the work correctly ...
Microeconomics: - Just needing to know if I have done the work correctly with ...
Managerial Econ - given the demand function Q=9-.5P how can you figure out the ...
HELP i dont get it - The producer of X is contemplating a price change and has ...
Microeconomics - Am I calculating the Marginal Revenue when you get the quantity...
Managerial Economics/Math - This is an MBA-level Managerial Economics course. I ...
Managerial Economics - The demand function for a cola-type soft drink in general...
Algebra - At a price of $10 the local pizza sells 800 pizzas. At a price of $8 ...
Calculus - I have a project and part of it has to do with revenue, demand and ...
Economics Review Help! - This is for a test that I'm studying for in ...

For Further Reading

First Name:
School Subject:
Answer: