Question

consider the demand function p equals 100 (1.5 to the power of negative q end exponent ). space spaceat a price of $71.00, what will be the quantity demanded?

Answer 1

Considering the demand function $p = 100 (1.5^{-q})$ at a price of $71, the quantity demanded will be 0.85

Demand is the desire and financial capacity of consumers to purchase a good or service at a particular price and moment. The equilibrium price and quantity will be determined by the supply and demand curves. A demand function is described by the equation p=f(x), p = f (x), where p represents the unit price and x represents the quantity in question. A demand function is typically characterized as a decreasing function of x, meaning that it gets smaller as x grows.

The function of demand

$p = 100 (1.5^{-q})$

Price (P) = 71

$71 = 100(1.5)^{-q}$

$(1.5)^{-q} = \frac{71}{100}$

Taking both sides of the logarithm:

$Log (1.5)^{-q} = Log (\frac{71}{100})$

-q * log (1.5) = log (71 / 100)

q = [-log(71/100) / log(1.5)] = 0.85

Therefore, quantity demanded = 0.85

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