Supply and demand help.

[ed106093]

Hi Ive been having trouble with this particular question anything helps.
Suppose that the demand and price for a certian model of a youth wristwatch is are related by
p=D(q)=16-1.25q
where p is the price in dollars and q is the quantity demanded in hundreds. Find the price of each level of demand.
a. 800 watches b. 400 watches
How do I solve this ?

 

[stapel]

Suppose that the demand and price for a certian model of a youth wristwatch is are related by
p=D(q)=16-1.25q
where p is the price in dollars and q is the quantity demanded in hundreds. Find the price of each level of demand.
a. 800 watches b. 400 watches
How do I solve this ?

You are given a relationship between the price p and the quantity q. You are given a value for q. You are asked for the value of p.

So plug the given value into the given relationship, and simplify to find the requested value.

 

[ed106093]

I plugged in one of the variables for the equation and im still not getting the right answer.
d(400)=16-1.25(400) =-484
What am i doing wrong ?

 

[stapel]

I plugged in one of the variables for the equation and im still not getting the right answer.
d(400)=16-1.25(400) =-484
What am i doing wrong ?

You are not paying attention to the definitions. The variable "q" is defined as "the quantity demanded in hundreds". If four hundreds are "demanded", then what must be the value of "q"?

 

[ed106093]

The value demanded is 400 so is 400=q ?

 

[stapel]

The value demanded is 400 so is 400=q ?

The variable "q" is defined as the demand in hundreds. If four hundreds are demanded, then how is q equal to four hundred (since this would mean "four hundred hundreds")?

 

[ed106093]

Thank you i finally got it !! The wording for the problem was a bit weird for me.