Question
Asked Dec 6, 2019
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1. At a price of $4 per slice, the supply of pizzas is 800 slices and the demand is 580 slices. At the
price of $2 per slice, the supply is 600 slices and the demand is 830 slices.
a. Find the price-supply equation in the form p= mx+b
ilou sdre
ta wofl
buts
b. Find the price-demand equation in the form p= mx+b
h)-FO
opo12 er
ibior uoa onpdie t e coer o Sp
yd bon
c. Find the equilibrium point
bloe bas bor
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1. At a price of $4 per slice, the supply of pizzas is 800 slices and the demand is 580 slices. At the price of $2 per slice, the supply is 600 slices and the demand is 830 slices. a. Find the price-supply equation in the form p= mx+b ilou sdre ta wofl buts b. Find the price-demand equation in the form p= mx+b h)-FO opo12 er ibior uoa onpdie t e coer o Sp yd bon c. Find the equilibrium point bloe bas bor

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Expert Answer

Step 1

a) Since price-supply equation is linear , so we can use two-point form of equation by taking points (800,4) and (600,2)  to find the equation  as shown below

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Ра - Ра (х-х,) p- Pi = х, — х, 4- 2 (х-800) p- 4 = 800 – 600 200р - 800%- 2х —1600 200р %3D 2х — 800 р3D0.01х—4

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Step 2

b) Since price-demand equation is linear , so we can use two-point form of equation by taking points (580,4) and (830,2)  to find the equation  as shown below

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Ра - Ра (х-х,) p- Pi х, — х, - 2 -(х - 580) 4 p- 4 = 580 - 830 —250р+1000 %3D 2х—1160 250р %3D —2х + 2160 р%3 -0.008х + 8.64

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Step 3

c) Equilibrium point is when demand ...

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0.01x – 4 = -0.008x +8.64 0.018x = 12.64 x = 702.2 p = 0.01x 702.2 – 4 = 3.022

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Algebra

Equations and In-equations

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