Question 1 on a linear demand schedule quantity sold falls, Ask an Expert

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Question: 1. On a linear demand schedule quantity sold falls from 90 to 30 when price rises from £40 to £80. How much further will price have to rise for quantity sold to fall to zero?

2. A firm knows that its demand schedule takes the form P = a - bQ. If 200 units are sold when price is £9 and 400 units are sold when price is £6, what are the values of the parameters a and b?

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