Given the demand function Qd = 20 - 1/2P. What is Qd when P is $12?
Answer Details
The given demand function is Qd = 20 - 1/2P, which represents the relationship between the quantity demanded (Qd) and the price (P) of a product. To find Qd when P is $12, we simply substitute 12 for P in the demand function and solve for Qd as follows:
Qd = 20 - 1/2(12)
Qd = 20 - 6
Qd = 14 units
Therefore, when the price is $12, the quantity demanded is 14 units.