Suppose that you are told by market researchers that the quantity demanded Qd of a good is related to its price (P) by the following relation:
Qd = 1000 - 5P .
A. Solve for P, and give the y-intercept & slope [change in P/change in Q] of the line.
B. If price is 100 (ignore units here), how much is bought & how much is spent?