Understanding Demand Function from a Video Tutorial

The video tutorial explains how to derive a linear demand function, D(Q), for a baseball team based on ticket prices and attendance data. It starts by introducing the concept of a demand function and its linearity. The tutorial then demonstrates how to find the slope using given data points and explains the use of point-slope form to derive the demand function. Finally, it shows how to solve for D(Q) and express it in slope-intercept form, providing a comprehensive understanding of the process.

What is the initial average attendance when the ticket price is $9.00?

• 66,000

• 33,000

• 9,000

• 28,000

What happens to the average attendance when the ticket price drops to $6.00?

• It remains the same

• It increases to 33,000

• It decreases to 25,000

• It decreases to 20,000

What is the form of the demand function D(Q) as described in the video?

• D(Q) = M/Q - B

• D(Q) = Mx - B

• D(Q) = M/Q + B

• D(Q) = Mx + B

How is the slope of the demand function calculated?

• Sum of X and Y

• Change in Y divided by Change in X

• Change in X divided by Change in Y

• Difference between X and Y

What is the slope of the line derived from the given data points?

• -3/5,000

• -5,000/3

• 3/5,000

• 5,000/3

Which point is used along with the slope to find the demand function?

• (9, 28,000)

• (33,000, 6)

• (6, 33,000)

• (28,000, 9)

What is the first step in solving for D(Q) in point-slope form?

• Multiply both sides by 9

• Subtract 9 from both sides

• Add 9 to both sides

• Divide both sides by 9

What is the simplified form of the demand function?

• D(Q) = -3/5,000 * Q + 129/5

• D(Q) = 3/5,000 * Q - 129/5

• D(Q) = -3/5,000 * Q - 129/5

• D(Q) = 3/5,000 * Q + 129/5

What is the common denominator used to combine the fractions in the demand function?

• 10

• 5

• 15

• 20

What is the final form of the demand function in slope-intercept form?

• D(Q) = -3/5,000 * Q - 129/5

• D(Q) = 3/5,000 * Q - 129/5

• D(Q) = 3/5,000 * Q + 129/5

• D(Q) = -3/5,000 * Q + 129/5