Respuesta :
When the product price falls from $80 to $60, the quantity demanded rises from 500 to 800 units. The slope in this range is : -0.067.
What is Quantity Demanded ?
Quantity demanded is the quantity of a commodity that people are willing to buy at a particular price at a particular point of time.
Quantity demanded is a term used in economics to describe the total amount of a good or service that consumers demand over a given interval of time. It depends on the price of a good or service in a marketplace, regardless of whether that market is in equilibrium.
The relationship between the quantity demanded and the price is known as the demand curve, or simply the demand. The degree to which the quantity demanded changes with respect to price is called the elasticity of demand.
The slope of the Demand Curve= Absolute Change in Price Absolute Change in Quantity
Solution-
Given-
P1 = 80, P2 = 60
Q1 = 500, Q2 = 800
Slope of the given range = Change in price / change in quantity demanded
Slope of the given range = ( P2 - P1 ) / ( Q2 - Q1)
= ( 60 - 80 ) / ( 800 - 500)
= -20 / 300 = - 0.067
Therefore, we can conclude that the slope in this range is: - 0.067.
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