If the quantity of fishing poles demanded is represented by the demand equation Qᴰ = 60 - P, then to solve for the price of fishing poles, the equation would be rewritten as
A)P = 0.6Qᴰ + 10.
B)P = 60 - Qᴰ.
C)P = -60 + Qᴰ.
D)P = Qᴰ + 60.

Question

Quizplus · Accepted Answer

To solve for the price, we need to isolate the variable P. Therefore, we rearrange the demand equation Qᴰ = 60 - P to P = 60 - Qᴰ. This means that as the quantity demanded (Qᴰ) increases, the price (P) decreases, following a linear relationship with a slope of -1. Option A is incorrect because it incorrectly assigns the slope as 0.6. Option C is incorrect because it incorrectly assigns a negative constant. Option D is incorrect because it does not isolate the variable P.

If the Quantity of Fishing Poles Demanded Is Represented by the Demand