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Thread: does anyone here know their way around economics? + rep

  1. #1


    Peta's Avatar
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    does anyone here know their way around economics? + rep

    Alan and Dina, are in a candy shop. They are looking to buy liquorice straps. Alan has a demand curve for liquorice straps of P=10-2Q. Dina has a demand curve for liquorice straps of P=14-3Q. If the price is $2 per strap, how many liquorice straps do they buy?

    halp.
    more as well, but i don't get any of it.

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    IndigoSunset's Avatar
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    Basically just maths? P in a demand curve is the price, Q is the quantity so P= 2 and solve for Q
    2 = 10-2Q
    2+ 2Q = 10
    2Q = 8
    Q =4
    Alan buys 4

    2 = 14 - 3Q
    2+3Q =14
    3Q = 12
    q = 4
    Dina also buys 4.

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    wrath (08-26-2013)

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    P is the cost of the product, and Q is the quantity purchased at a given price--from there you simply plug in
    For example, if the cost per licorice strip was $3, then:
    3=10-2q
    10=3+2q
    2q=7
    q=3.5

    3=14-3q
    14=3+3q
    11=3q
    q=3.66

    You can see that both of the quantities decreased when the cost increased

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    wrath (08-26-2013)

  6. #4


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    omg I'm dumb. thanks guys, I'm not a maths focused person at all, and I've been bombarded with all these economic principles in like one week haha.
    will + rep you guys,.



    edit: You must spread some Reputation around before giving it to IndigoSunset again.
    Will do it when I can ^^

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