Assume that the demand curve for a product is given by the P=36-Q where P is in thousands of dollars per auto and quantity is in millions of cars per year.
1. Provide a graph of the demand curve.
2. Discuss how much do buyers wish to purchase if price is 20?
3. Discuss what other type of things are held constant when one moves along a demand curve?
4. Determine the price elasticity of demand at price 20?