The Demand Function

HJC · January 4, 2015, 6:18pm

I do not understand how you get these figures 12 - 0.80

S2000magician · January 4, 2015, 7:00pm

As they say, simply use algebra:

Q = 15 − 1.25P

Q + 1.25P = 15

1.25P = 15 − Q

P = (15/1.25) – (Q/1.25) = 12 – 0.8Q

HJC · January 4, 2015, 7:59pm

thanks! can you help me with the supply function as well?

S2000magician · January 4, 2015, 8:26pm

I could if it were posted.