Question 9
Theory of DemandIf the quantity of men's hat demanded per week is represented by the function Qd = 20 − (1/3)P, where P is price, how many hats are demanded when the price is $9.00?
- A.11
- B.17
- C.23
- D.47
Show the answer and explanation
Answer: B (17)
Explanation
Qd = 20 − 9/3 = 20 − 3 = 17.