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10 Supply and Demand Practice Questions

From , former About.com Guide

5 of 10

10 Supply and Demand Practice Questions - Question 5
Question 5: A firm charges $800 for its unique word processor. If total revenue is $56,000 in July, how many word processors were sold that month?

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Answer: This is a very simple algebra question. We know that Total Revenue = Price * Quantity.

By re-arranging we have Quantity = Total Revenue / Price

Q = 56,000/800 = 70

Thus the company sold 70 word processors in July.

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