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?
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
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 ^^