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Product WB currently sells for $13 per unit. Annual demand at that price is 20,000 units. If the price increases to $15, the annual demand falls by 500 units.
What is the formula for the demand curve?
Suggested Answer: C
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50 comments · newest first
CH
Chau
11 months ago
Just to clarify, that's a drop of 500 units at a $2 increase, right?
LA
Lauran
11 months ago
I disagree, I feel like B could also work here.
BA
Barney
11 months ago
Wait, how can we be sure about the constants in that formula?
MY
Myong
12 months ago
I think it's definitely A, makes the most sense.
JA
Jame
12 months ago
Demand decreases as price increases, classic economics!
CR
Cristen
1 year ago
I’m leaning towards option C, but I’m confused about the notation. I hope I remember the right formula during the exam!
MA
Marguerita
1 year ago
I feel like I've seen something like this before, but I can't remember if it's Qd = a - bP or something else.
JO
Josue
1 year ago
I remember practicing a similar question where we had to derive the demand curve from price and quantity changes. I think option A looks right.
IE
Iesha
1 year ago
I think the demand curve is usually represented as Q = a - bP, but I'm not entirely sure about the specifics.
CA
Carolynn
1 year ago
I feel pretty good about this one. The demand curve formula is Q = a - bP, so I just need to plug in the two price-quantity pairs and solve for a and b. Shouldn't be too difficult if I work through it step-by-step.
VA
Vannessa
1 year ago
Whoa, this is tricky. I'm not totally confident I know how to set up the demand curve formula from these details. I'll need to review my notes and maybe ask the professor for some guidance.
LE
Lettie
1 year ago
Okay, I've got this. The key is to use the two given price-quantity points to solve for the slope and y-intercept of the demand curve equation. Should be a straightforward calculation.
VI
Virgilio
1 year ago
Hmm, I'm a bit unsure about this one. The information seems straightforward, but I want to make sure I'm approaching it the right way. I'll need to think through the steps carefully.
HO
Hollis
1 year ago
This looks like a classic demand curve question. I think I can handle this one - just need to plug in the given values and solve for the formula.
TI
Tish
1 year ago
Okay, I think I've got a good handle on this. The key is to remember that the V-code for sterilization is used as a secondary diagnosis, not the principal diagnosis.
LE
Lea
1 year ago
I'm a bit confused here. The options mention different types of security, but I'm not sure which one is the most relevant. Maybe I should review all of them to be sure I don't miss anything.
KA
Karan
1 year ago
Okay, I've got this. The outcome of an event is the event itself, so the correct answer must be C. Easy peasy!
SO
Solange
1 year ago
Hey, at least they didn't ask us to draw the demand curve. I'm terrible at graphs, so I'd probably just end up sketching a stick figure instead.
IR
Irene
1 year ago
D) P = a -b(Q)
ON
Onita
1 year ago
I'm terrible at graphs too. I always mess up the axes.
MA
Maryann
1 year ago
C) Qd = a -- b(P
EL
Elza
1 year ago
A) Q = a - bP
GE
Gerald
1 year ago
This is a tricky one. I'm leaning towards A, but I'll double-check my work just to be sure. Can't afford to mess up on the certification exam!
MA
Marshall
1 year ago
User 3: Yeah, we can't afford to mess up on the certification exam.
CH
Chun
1 year ago
User 2: That makes sense, but let's double-check our work just to be sure.
TR
Tresa
1 year ago
User 1: I think the formula for the demand curve is A) Q = a - bP
AR
Ardella
2 years ago
D looks tempting, but I think that's the formula for the supply curve, not the demand curve. Gotta remember to keep those straight!
AL
Aleta
1 year ago
B) P = f(Q).
AN
Andrew
1 year ago
A) Q = a - bP
JE
Jesusa
1 year ago
Yeah, you're right. D is for the supply curve, not the demand curve.
JE
Jerry
1 year ago
C) Qd = a -- b(P
GE
Georgene
1 year ago
B) P = f(Q).
ST
Staci
1 year ago
A) Q = a - bP
MA
Martina
2 years ago
I'm not sure about this one. There's a lot of information to unpack. Maybe I should review the concept of demand curves again before attempting this question.
CH
Chanel
1 year ago
No, I believe the correct formula is A) Q = a - bP
AN
Antonio
1 year ago
C) Qd = a -- b(P
MA
Mari
1 year ago
I think the formula for the demand curve is A) Q = a - bP
GI
Gianna
1 year ago
A) Q = a - bP
EL
Elenor
2 years ago
A seems like the right formula, with Q representing quantity and P representing price. The given information about the demand changes with price suggests a linear demand curve.
AR
Aron
1 year ago
User 2
CA
Carissa
1 year ago
Exactly, it shows the inverse relationship between price and quantity demanded.
TE
Tegan
1 year ago
User 1
AL
Alyce
1 year ago
So, if the price increases to $15, the annual demand falls by 500 units according to the formula.
MI
Micah
1 year ago
So, if the price increases, the quantity demanded decreases.
LU
Luke
1 year ago
Yes, Q = a - bP is the formula for the demand curve.
AL
Alyce
1 year ago
Yes, A is correct. Q represents quantity and P represents price in the formula Q = a - bP.
CA
Cassi
1 year ago
I think A is correct, it represents the relationship between quantity and price.
DE
Delisa
2 years ago
I'm not sure, but I think the formula might be P = a - b(Q).
MA
Marvel
2 years ago
I agree with Emogene, because the quantity demanded decreases as the price increases.
EM
Emogene
2 years ago
I think the formula for the demand curve is Q = a - bP.