Hello
I was wondering if someone could help me with this.
P=Price
Q=Quantity
TR = Total Revenue
Price ($) Quantity 7 0 6 100 5 200 4 300 3 400 2 500 1 600 0 700
Total Revenue = P X Q
We assume a linear relationship.
They said that they know the demand curve is Q = 700 - 100P
How did they get that? Do you have to do a graph to figure that out? How do you get that based on looking at the data?
Thanks in advance.