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 = 1075 - 33 \times P`.
If cookies were sold on the market for $31, what is the quantity demanded?
Plug the price $31 into the demand function:
`Q_d = 1075 - 33 \times P = 1075 - 33 \times 31 = 52`.