What is the quantity of televisions demanded per year when the average price of a television is R18 per unit and the demand curve for televisions is presented by Qd = 9.0 million – 4663P?
To find the quantity of televisions demanded per year, we need to substitute the given price into the demand curve equation.
Given:
Average price of a television (P) = R18 per unit
Demand curve: Qd = 9.0 million - 4663P
Substitute the price into the demand curve:
Qd = 9.0 million - 4663(18)
Qd = 9.0 million - 83734
Qd = 9.0 million - 83.734k
Qd = 8.916266 million
Therefore, the quantity of televisions demanded per year when the average price of a television is R18 per unit is approximately 8.916266 million units.