The quantity demanded of a hand-woven rug is 3000 per month, when the unit price is $500. For each decrease in the unit price of $40, the quantity demanded increases by 200 units. When the price is $100 or fewer sellers are not willing to sell any hand-woven rugs, but at a price of $750 they are willing to sell as much as 4550 hand-woven rugs per month. If the demand and supply functions are assumed to be linear. i. Find the demand function. ii. Find the supply function. iii. Find the approximate equilibrium quantity and price.

The quantity demanded of a hand-woven rug is 3000 per month, when the unit price is $500. For each decrease in the unit price of $40, the quantity demanded increases by 200 units. When the price is $100 or fewer sellers are not willing to sell any hand-woven rugs, but at a price of $750 they are willing to sell as much as 4550 hand-woven rugs per month. If the demand and supply functions are assumed to be linear. i. Find the demand function. ii. Find the supply function. iii. Find the approximate equilibrium quantity and price.

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter12: Algebra Of Matrices

Section12.CR: Review Problem Set

Problem 37CR

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Question

The quantity demanded of a hand-woven rug is 3000 per month, when the unit price is $500. For each
decrease in the unit price of $40, the quantity demanded increases by 200 units. When the price is
$100 or fewer sellers are not willing to sell any hand-woven rugs, but at a price of $750 they are
willing to sell as much as 4550 hand-woven rugs per month. If the demand and supply functions are
assumed to be linear.
i. Find the demand function.
ii. Find the supply function.
iii. Find the approximate equilibrium quantity and price.

Expert Solution