Problem

For the demand equation below, x represents the quantity demanded in units of 1000 and p is the unit price in dollars.
2x+4p32=0;p=2
(a) Sketch the demand curve. (Sketch the curve as a segment.)

Answer

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Answer

The demand curve can be represented by the equation x=2p+16. To sketch the curve as a segment, plot the points (x,p) for different values of p and connect them with a line. The curve will be a straight line with a slope of -2 and a y-intercept of 16.

Steps

Step 1 :Given the demand equation: 2x+4p32=0 and p=2

Step 2 :Find the value of x when p=2:

Step 3 :2x+4(2)32=0

Step 4 :2x+832=0

Step 5 :2x=24

Step 6 :x=12

Step 7 :Find the general equation for x in terms of p:

Step 8 :2x+4p32=0

Step 9 :2x=4p+32

Step 10 :x=2p+16

Step 11 :The demand curve can be represented by the equation x=2p+16. To sketch the curve as a segment, plot the points (x,p) for different values of p and connect them with a line. The curve will be a straight line with a slope of -2 and a y-intercept of 16.

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