Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?

Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?

Answer Details

To find out the quantity demanded (Qd) when the price (P) is $3, we simply substitute P = $3 into the given equation Qd = 80 - 2P. Qd = 80 - 2(3) Qd = 80 - 6 Qd = 74 Therefore, the quantity demanded (Qd) when the price (P) is $3 is 74 units.