Graph nonstandard function. Provide detailed explanations of each of your steps.
Hello. I want help graphing the nonstandard function and its explanation. I skimmed the internet and found the equation of a non-standard function is Qd = f(P) = a - bP but I'm not sure about its graph.
Wonderful question! Great job finding the equation of the nonstandard function.
Here are the graph and explanations:
Let us consider the demand function as an example:
Qd = f(P) = a - bP
where, Qd is the quantity demanded, P is the price, and a, b are parameters.
In a nonstandard function graph, the independent variable is the price and it goes in the y-axis (vertical axis) whereas the dependent variable is the quantity demanded and it goes in the x-axis (horizontal axis).
When Qd is zero, we get P = a/b from the above equation. In that condition, P is expressed as P^ in the graph.
Wonderful question! Great job finding the equation of the nonstandard function.
Here are the graph and explanations:
Let us consider the demand function as an example:
Qd = f(P) = a - bP
where, Qd is the quantity demanded, P is the price, and a, b are parameters.
In a nonstandard function graph, the independent variable is the price and it goes in the y-axis (vertical axis) whereas the dependent variable is the quantity demanded and it goes in the x-axis (horizontal axis).
When Qd is zero, we get P = a/b from the above equation. In that condition, P is expressed asP^ in the graph.