Supply and Demand for Packages of Cookies Price of a Quantity Demanded Quantity Supplied Package (millions of packages) (millions of packages) of Cookies per Week per Week 30¢ 150 70 40¢ 130 90 90 130 Chocolate C Molasses 70 150 Deliss 2 The data in the table can be described by the following demand and supply models: Demand Model Supply Model p = -0.5x + 105 р 3 0.5х — 5. Price per Number of packages package (cents) demanded per week (millions) Price per Number of packages package (cents) supplied per week (millions)
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
The table shows the price of a package of cookies. For each price, the table lists the number of packages that consumers are willing to buy and the number of packages that bakers are willing to supply. The data in the table can be described by the following demand and supply models: Solve,
a. Solve the system and find the equilibrium quantity and the equilibrium price for a package of cookies.
b. Use the answer from part (a) to complete this statement: If cookies are sold for _______ per package, there will be a demand for ________ million packages per week and bakers will supply _______ million packages per week.
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