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

1. ## 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.

2. 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

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

3. ## The Following User Says Thank You to IndigoSunset For This Useful Post:

wrath (08-26-2013)

4. 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

5. ## The Following User Says Thank You to Reese For This Useful Post:

wrath (08-26-2013)

6. 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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