Linear demand functions, equations and graphs
Linear supply functions, equations and graphs
We will cover these objectives in class today... the first piece of HL only content for the year. You will be given some pages of notes and tasks. It's not too tricky but if you still don't get it by the end of class then I suggest you watch one or all of the video explanations above. Qd = a – bP where a = the x-intercept, i.e. where the demand curve would hit the horizontal axis (a,0) and -b = slope... negative in this case
Qs = c + dP where c = the x-intercept, i.e. where the supply curve would hit the horizontal axis (c,0) and +d = slope... positive in this case
Here is a task to get us started... Derive the demand function (in the form Qd=a-bP) from the schedule below
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