For a given demand function Y = 50 - 2P, the quantity demanded at P = Rs. 20 is :
Answer & explanation
Correct answer: option 2
Y = 50 - 2P
Where:
- Y is the quantity demanded
- P is the price
To find the quantity demanded at P = Rs. 20, we simply substitute P = 20 into the equation:
Y = 50 - 2(20)
Y = 50 - 40
Y = 10 units
Therefore, the quantity demanded at P = Rs. 20 is 10 units.