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demand function for product, Economics, Microeconomics
2. You are examining the effects of a specific tax of 10 cents imposed on the sales of a product that we shall call XYZ. To carry out your analysis, assume that the market is a perfectly competitive one. You are provided with the following data:
(1) Economists have estimated the demand function for product XYZ to be:
QD = 20 – 0.50 P
Where P is the price of the product (in cents) and QD is the quantity demanded (in thousands).
Posted Date: 2/1/2012 2:17:17 PM | Location : United States
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