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unit-2-basic-economic-concepts

Unit-2 Basic Economic Concepts

In this unit we will first spell out the distinction between micro and macroeconomics.

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How do you interpret the following two functions?

a)Q = 100 - 2 P

b)P = 50 - 0.5 Q

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Learning Pundits Content Team

Written on Apr 25, 2019 12:17:39 PM

(a) At any given price this equation indicates the quantity demanded. Hence, it is called the demand equation (function).

(b) This would indicate for any given quantity demanded the maximum price the buyers would be willing to pay rather than doing without the units. Hence, the equation would indicate the inverse demand curve.