|February 1st, 2017, 12:30 PM||#1|
Joined: Feb 2017
Working out the demand function ?!?!?
So I'm having a few difficulties here....
I am currently reading Mathematics for Economics and Finance by Martin Anthony & Norman Biggs. The very first example on page 2 of chapter 1 and I am already stuck..
The example is as follows :
Suppose that demand set D consists of the points (q,p) on the straight line 6q+8p = 125. Then for a given value of p we can determine the corresponding q; we simply rearrange the equation of the line in the form q=(125-8p)/6
Now I think I can grasp most of the equation, however, the part I am confused with is the 125. Where has that come from ?
|demand, function, working|
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