(Advanced analysis) The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. If demand changes from P = 10 - 0.2Q to P = 7 - 0.3Q, we can
Conclude that

Question

Quizplus · Accepted Answer

The change in the demand equation from P = 10 - 0.2Q to P = 7 - 0.3Q indicates a decrease in demand. This is because the coefficient of Q has become more negative, indicating that for any given price, quantity demanded will be lower than before. The supply equation remains unchanged, so we cannot infer any change in supply from this information.

(Advanced Analysis) the Demand for Commodity X Is Represented by the Equation