Question
For question a., where does the 4.921 come from? Q = P = 163.3984 - 0.2032 Q 0.2032 Q = 163.3984 - P Q
For question a., where does the "4.921" come from?
Q = P = 163.3984 - 0.2032 Q
0.2032 Q = 163.3984 - P
Q = (163.3984 - P) / 0.2032
Q = 163.3984/0.2032 - P/0.2032
Q = 804.126 - 4.921 P
What number is "P" to get to the 4.921.
163.3984/0.2032 = 804.126
But I don't know where to get 4.921 from? It says "P/0.2032" but I don't know what number "P" is. Can you please help me with this?
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Step-by-Step explanation
to determine the demand function as P = f(Q)
P = f(Q)
P = 163.3984 - 0.2032 Q
Confidence = adjusted R square = 0.9131 = 91.31% of confidence. Use algebra to invert the demand function to Q = f(P).
Q = P = 163.3984 - 0.2032 Q
0.2032 Q = 163.3984 - P
Q = (163.3984 - P) / 0.2032
Q = 163.3984/0.2032 - P/0.2032
Q = 804.126 - 4.921 P
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