Demand

The demand depicts the quantity of products the consumer purchases for different prices.

Example

The demand for cookies follows the equation: `Q_d = 10 - P`

If price is $3, the quantity demanded is `Q_d = 10 - 3 = 7` cookies.

Question

The demand for cookies follows the equation: `Q_d = 686 - 97 \times P`.

If cookies were sold on the market for $7, what is the quantity demanded?

Plug the price $7 into the demand function:

`Q_d = 686 - 97 \times P = 686 - 97 \times 7 = 7`.