Assume That a Certain Commodity's Demand Equation Has the Form

question 24

Multiple Choice

Assume that a certain commodity's demand equation has the form p = ax + b, where x is the quantity demanded and p is the unit price in dollars. Suppose the quantity demanded is 1,000 units when the unit price is $19.00 and 7,000 when the unit price is $13.00. What is the quantity demanded when the unit price is $18.50?

• A) 6,000 units
• B) 1,500 units
• C) 6,500 units
• D) 8,000 units

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Definitions:

Optimism

A mental attitude characterized by hope and confidence in success and a positive future.

Self-Efficacy

is the belief in one's own ability to succeed in specific situations or accomplish a task, which can play a significant role in how one approaches goals, tasks, and challenges.

Academic Performance

Refers to the level of achievement or competence of an individual in educational activities.

Self-Efficacy

The belief in one's own ability to successfully accomplish tasks and goals, which is crucial for motivation and performance in various aspects of life.