I pretty sure I got the first part right. I am struggling with bottom parts. Hasbro conducted market research to determine the optimal price to set for their Furby dolls.a. Through many focus groups, Hasbro determined they could sell 110,000 furbies at a price of $19.99. However, if they lowered their price to $9.99, theycould sell 10,000 more furbies. Find the linear demand equation (price function, y) as a function of the quantity, x, sold.p(x) = -0.001r+ 19.99(Round the coefficient of x to 5 decimal places. Round the constant term to 2 decimal places.)b. Hasbro's own division of production determined that they would only supply 140,000 furbies at a price of $24.44. However, they would increase productionto 220,000 if the price per furby was $74.44. Find the linear supply equation (price function, y) as a function of the quantity, x, sold.p(x) =| Numberx+ Number(Round the coefficient of x to 5 decimal places.)c. Find the equilibrium point of demand and supply functions in part a and b. (Round to 2 decimal places)Numbery = $ Number

b. Hasbro's own division of production determined that they would only supply 140,000 furbies at a price of $24.44. However, they would increase production to 220,000 if the price per furby was $74.44. Find the linear supply equation (price function, y) as a function of the quantity, x, sold. p(z) =Number x+ Number (Round the coefficient of x to 5 decimal places.) !! c. Find the equilibrium point of demand and supply functions in part a and b. (Round to 2 decimal places) Number

b. Hasbro's own division of production determined that they would only supply 140,000 furbies at a price of $24.44. However, they would increase production to 220,000 if the price per furby was $74.44. Find the linear supply equation (price function, y) as a function of the quantity, x, sold. p(z) =Number x+ Number (Round the coefficient of x to 5 decimal places.) !! c. Find the equilibrium point of demand and supply functions in part a and b. (Round to 2 decimal places) Number

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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