An agricultural economist estimated the following linear demand function for milk in Queensland: Q = 816 - 22.4P

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An agricultural economist estimated the following linear demand function for milk in Queensland: Q = 816 - 22.4P

 

where Q represents the number of two litre milk bottles demanded per day in thousands and P represents the price of these bottles in dollars. If on a given day the two litre milk bottle retails for $3.39, predict the number of two litre milk bottles demanded in thousands (to nearest whole thousand).

    • 11 years ago
    An agricultural economist estimated the following linear demand function for milk in Queensland: Q = 816 - 22.4P
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