Find the linear demand equation that contains both of the fo

Find the linear demand equation that contains both of the following price and quantity (P, Q) combinations (P_1, Q_1) = (8, 50) (P_2, Q_2) = (19, 17)

A linear demand equation is of the form

Q = a + bP

From given data points,

50 = a + 8b (1)

17 = a + 19b (2)

(2) - (1) gives us:

11b = - 33

b = - 33 / 11 = - 3

Substituting into (1),

a = 50 - 8b = 50 - 8 x (- 3) = 50 + 24 = 74

So, equation of the dmand curve is

Q = 74 - 3P