Applications 65. Supply and demand for T-shirts. Suppose that the supply and demand equations for printed T-shirts for a particular week are Price-supply equation p= 0.7q + 3 Price-demand equation p = -1.7q + 15 %3D where p is the price in dollars and q is the quantity in hundreds. (A) Find the supply and demand (to the nearest unit) if T-shirts are $4 each. Discuss the stability of the T-shirt market at this price level. (B) Find the supply and demand (to the nearest unit) if T-shirts are $9 each. Discuss the stability of the T-shirt market at this price level. (C) Find the equilibrium price and quantity. (D) Graph the two equations in the same coordinate system and identify the equilibrium point, supply curve, and demand curve.
Applications 65. Supply and demand for T-shirts. Suppose that the supply and demand equations for printed T-shirts for a particular week are Price-supply equation p= 0.7q + 3 Price-demand equation p = -1.7q + 15 %3D where p is the price in dollars and q is the quantity in hundreds. (A) Find the supply and demand (to the nearest unit) if T-shirts are $4 each. Discuss the stability of the T-shirt market at this price level. (B) Find the supply and demand (to the nearest unit) if T-shirts are $9 each. Discuss the stability of the T-shirt market at this price level. (C) Find the equilibrium price and quantity. (D) Graph the two equations in the same coordinate system and identify the equilibrium point, supply curve, and demand curve.
Chapter4: Systems Of Linear Equations
Section4.3: Solve Mixture Applications With Systems Of Equations
Problem 158E: The manufacturer of an energy drink spends $1.20 to make each drink and sells them for $2. The...
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Transcribed Image Text:Applications
65. Supply and demand for T-shirts. Suppose that the supply
and demand equations for printed T-shirts for a particular
week are
Price-supply equation
p= 0.7q + 3
Price-demand equation
p = -1.7q + 15
%3D
where p is the price in dollars and q is the quantity in hundreds.
(A) Find the supply and demand (to the nearest unit) if
T-shirts are $4 each. Discuss the stability of the T-shirt
market at this price level.
(B) Find the supply and demand (to the nearest unit) if
T-shirts are $9 each. Discuss the stability of the T-shirt
market at this price level.
(C) Find the equilibrium price and quantity.
(D) Graph the two equations in the same coordinate system
and identify the equilibrium point, supply curve, and
demand curve.
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