3. The quantity demanded for the Sony VCR model 37 is 2500 per week when the unit price is $700. For each increase in unit price of $50, the quantity demanded decreases by 250 units. The suppliers will provide 2500 units when the price is $800 per unit, and they will not supply any units for $500 or less. (Note: Define your variables.) A. Algebraically determine the supply equation. (Place in function form.) B. Algebraically determine the demand equation. (Place in function form.) C. Algebraically determine the equilibrium quantity and price. D. At what price does excess supply occur?

3. The quantity demanded for the Sony VCR model 37 is 2500 per week when the unit price is $700. For each increase in unit price of $50, the quantity demanded decreases by 250 units. The suppliers will provide 2500 units when the price is $800 per unit, and they will not supply any units for $500 or less. (Note: Define your variables.) A. Algebraically determine the supply equation. (Place in function form.) B. Algebraically determine the demand equation. (Place in function form.) C. Algebraically determine the equilibrium quantity and price. D. At what price does excess supply occur?

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015

1st Edition

ISBN:9781680331141

Author:HOUGHTON MIFFLIN HARCOURT

Publisher:HOUGHTON MIFFLIN HARCOURT

Chapter3: Graphing Linear Functions

Section: Chapter Questions

Problem 1CA

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Question

3. The quantity demanded for the Sony VCR model 37 is 2500 per week when the
unit price is $700. For each increase in unit price of $50, the quantity demanded
decreases by 250 units. The suppliers will provide 2500 units when the price is
$800 per unit, and they will not supply any units for $500 or less.
(Note: Define your variables.)
A. Algebraically determine the supply equation. (Place in function form.)

B. Algebraically determine the demand equation. (Place in function form.)

C. Algebraically determine the equilibrium quantity and price.

D. At what price does excess supply occur?