Given the demand function Qd = 20 - 1/ 2P. What is Qd when P is $12?

Assessment: WAEC SSCE - Economics - 2012 (Objective) Subject: Economics

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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.
Read lesson note on The Theory Of Demand (JAMB)
Read lesson note on Demand (WAEC)
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