1. A manufacturing business can supply 60 plasma TV sets per month at a price of $280 per set, or sell 140 plasma TV sets if the price is $370 per set. A group of retailers will buy 80 plasma TV's if the price is $350 per pair and 120 plasma TV's if the price is $300 per set. Given that the demand and supply functions must be linear: a. Find the linear equations representing both demand and supply

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter6: Systems Of Equations And Inequalities
Section6.2: Two-variable Linear Systems
Problem 9ECP
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1. A manufacturing business can supply 60 plasma TV sets per month at a price of
$280 per set, or sell 140 plasma TV sets if the price is $370 per set. A group of
retailers will buy 80 plasma TV's if the price is $350 per pair and 120 plasma TV's if
the price is $300 per set.
Given that the demand and supply functions must be linear:
a. Find the linear equations representing both demand and supply
b. Find the point of market equilibrium (number of TVs) and the price at
that point.
Transcribed Image Text:1. A manufacturing business can supply 60 plasma TV sets per month at a price of $280 per set, or sell 140 plasma TV sets if the price is $370 per set. A group of retailers will buy 80 plasma TV's if the price is $350 per pair and 120 plasma TV's if the price is $300 per set. Given that the demand and supply functions must be linear: a. Find the linear equations representing both demand and supply b. Find the point of market equilibrium (number of TVs) and the price at that point.
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