Wednesday

August 20, 2014

August 20, 2014

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

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 9:46amDraw 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.

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