A company that produces lawn chairs uses market surveys and linear regression to develop a demand function based on the wholesale price.The demand function is q = -110p + 7,500.At a price of $45,how many lawn chairs are demanded?

Question

Quizplus · Accepted Answer

Substitute p = 45 into the demand function to get
q = -110(45) + 7,500 = 2,550.
Therefore, at a price of $45, 2,550 lawn chairs are demanded.

A Company That Produces Lawn Chairs Uses Market Surveys and Linear