Assume the market demand of 500mls of mineral water is given by: P=9–0.25Qd and the market supply being Qs=-12+12P. What is the quantity demand if the price of mineral water is $6
What’s the answer
To find the quantity demanded when the price of mineral water is $6, we can use the demand equation:
P = 9 - 0.25Qd
Substituting the given price, $6, into the equation:
6 = 9 - 0.25Qd
Now, we can solve for Qd:
0.25Qd = 9 - 6
0.25Qd = 3
Qd = 3 / 0.25
Qd = 12
Therefore, the quantity demanded when the price of mineral water is $6 is 12ml.
To find the quantity demanded when the price of mineral water is $6, we can use the given demand equation:
P = 9 - 0.25Qd
First, let's substitute the given price ($6) into the equation:
6 = 9 - 0.25Qd
Next, we need to solve for Qd (the quantity demanded). We can do this by isolating Qd on one side of the equation:
0.25Qd = 9 - 6
0.25Qd = 3
Now, divide both sides of the equation by 0.25 to solve for Qd:
Qd = 3 / 0.25
Qd = 12
Therefore, the quantity demanded when the price of mineral water is $6 is 12 units.