A group of retailers will buy 112 televisions from a wholesaler if the price is $500 and 152 if the price is $450. The wholesaler is willing to supply 100 if the price is $420 and 180 if the price is $510. Assume that the resulting supply and demand functions are linear. Let p represent price (in dollars) and q represent quantity. State the two ordered pairs for the demand function in the form (q, p). List your answers from least q to greatest q. (q, p) = (???) (q, p) = (???) Write the demand function in terms of q. p = ??? State the two ordered pairs for the supply function in the form (q, p). List your answers from least q to greatest q. (q, p) = (???) (q, p) = (???) Write the supply function in terms of q. p = ??? Find the equilibrium point for the market in the form (q, p). (q, p) = (???)
A group of retailers will buy 112 televisions from a wholesaler if the price is $500 and 152 if the price is $450. The wholesaler is willing to supply 100 if the price is $420 and 180 if the price is $510. Assume that the resulting supply and demand functions are linear. Let p represent price (in dollars) and q represent quantity. State the two ordered pairs for the demand function in the form (q, p). List your answers from least q to greatest q. (q, p) = (???) (q, p) = (???) Write the demand function in terms of q. p = ??? State the two ordered pairs for the supply function in the form (q, p). List your answers from least q to greatest q. (q, p) = (???) (q, p) = (???) Write the supply function in terms of q. p = ??? Find the equilibrium point for the market in the form (q, p). (q, p) = (???)
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter8: Functions
Section8.CT: Test
Problem 19CT
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A group of retailers will buy 112 televisions from a wholesaler if the price is $500 and 152 if the price is $450. The wholesaler is willing to supply 100 if the price is $420 and 180 if the price is $510. Assume that the resulting supply and demand functions are linear. Let p represent price (in dollars) and q represent quantity.
State the two ordered pairs for the demand function in the form
(q, p). List your answers from least q to greatest q.
(q, p) = (???)
(q, p) = (???)
Write the demand function in terms of q.
p = ???
State the two ordered pairs for the supply function in the form
(q, p). List your answers from least q to greatest q.
(q, p) = (???)
(q, p) = (???)
Write the supply function in terms of q.
p = ???
Find the equilibrium point for the market in the form (q, p).
(q, p) = (???)
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