For the demand equation below, x represents the quantity demanded in units of 1000, and p is the unit price in dollars. 3x + 4p − 48 = 0; p = 6(a) Sketch the demand curve.

Expert Answers

An illustration of the letter 'A' in a speech bubbles

In this question, x represents the quantity demanded in units of 1000, and p represents unit price in dollars.

The equation of the demand curve is 3x + 4p - 48 = 0. We rewrite this equation in the slope-intercept form as follows: 4p = -3x + 48. This is further simplified to p = -0.75x + 12. The demand curve is linear. From the slope-intercept form of the equation, we can see that the slope of the line is -0.75; the line intercepts the y-axis (price) at 12.

To plot the demand curve, use the equation p = -0.75x + 12 to find the coordinates of two points on the line: for example, (0, 12) and (16,0). Join these two points using a straight line, as shown in the diagram below.

Images:
This image has been Flagged as inappropriate Click to unflag
Image (1 of 1)
Approved by eNotes Editorial Team

Posted on

Soaring plane image

We’ll help your grades soar

Start your 48-hour free trial and unlock all the summaries, Q&A, and analyses you need to get better grades now.

  • 30,000+ book summaries
  • 20% study tools discount
  • Ad-free content
  • PDF downloads
  • 300,000+ answers
  • 5-star customer support
Start your 48-Hour Free Trial