(Answered) Question a firm has assessed that sales of its products are

Statistics

Question: A firm has assessed that sales of its products are linked to the price it charges:

Q = 100 - 5P

where Q is sales (in 000s of units) and P is the price charged in £s per unit sold.

Draw a graph of this equation, known as a demand equation, and from the graph determine the following:

(a) sales when the firm charges a price of £7

(b) the price that was charged if the firm sold 40 000 units.

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