How much of good X would be demanded at a price of $15.00 if the relationship between the price of good X and the quantity demanded were shown by the equation: quantity demanded = 1000 - 50 (price of good X)?
A) 50 units.
B) 250 units.
C) 750 units.
D) 950 units.

Question

Quizplus · Accepted Answer

The quantity demanded can be calculated by substituting the price of $15 into the equation: quantity demanded = 1000 - 50(15) = 1000 - 750 = 250 units.

How Much of Good X Would Be Demanded at a Price