Problem

For the demand equation below, $x$ represents the quantity demanded in units of 1000 and $p$ is the unit price in dollars. \[ 2 x+4 p-32=0 ; p=2 \] (a) Sketch the demand curve. (Sketch the curve as a segment.)

Solution

Step 1 :Given the demand equation: \(2x + 4p - 32 = 0\) and \(p = 2\)

Step 2 :Find the value of \(x\) when \(p = 2\):

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

Step 4 :\(2x + 8 - 32 = 0\)

Step 5 :\(2x = 24\)

Step 6 :\(x = 12\)

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

Step 8 :\(2x + 4p - 32 = 0\)

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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Source: https://solvelyapp.com/problems/30949/

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