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Straight line equation vs price-demand equation

This topic has 2 replies, 2 voices, and was last updated 5 years ago by John Moffat.

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September 3, 2020 at 9:12 pm #583303
james8500
Participant
- Topics: 68
- Replies: 17
Hi
Great lectures – thanks!
Can you please quickly help explain the straight line demand equation and how it relates to
p=a-bx?
Q162 in bpp kit asks you to derive a straight line demand equation and solution presents you with price-demand equation.
Im confused – thanks!
September 3, 2020 at 9:22 pm #583305
james8500
Participant
- Topics: 68
- Replies: 17
Ps I understand the straight line equation to be y=a+bx
September 4, 2020 at 9:54 am #583366
John Moffat
Keymaster
- Topics: 57
- Replies: 54812
P = a – bQ is a straight line because there are no powers of P or Q. So asking for the straight-line equation is simply asking for the equation P = a – bQ
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