The demand curve for umbrellas is given by p = 20 - q/10, where q is the number of umbrellas sold when the price is p dollars per umbrella

Economics Dec 13, 2020

The demand curve for umbrellas is given by p = 20 - q/10, where q is the number of umbrellas sold when the price is p dollars per umbrella. The market price for umbrellas is $10 per umbrella.

(a) At the market price, how many umbrellas are sold?

(b) If the price were raised to $12 per umbrella, how many umbrellas would be sold?

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