The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $150; the quantity demanded each month is 1000 when the unit price is $120. The suppliers will market 750 espresso makers if the unit price is $50. At a unit price of $80, they are willing to market 3000 units. Both the demand and supply equations are known to be linear. (a) Find the demand equation. p =     (b) Find the supply equation. p =     (c) Find the equilibrium quantity and the equilibrium price. equilibrium quantity       units equilibrium price     $

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Chapter1: Making Economics Decisions
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The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $150; the quantity demanded each month is 1000 when the unit price is $120. The suppliers will market 750 espresso makers if the unit price is $50. At a unit price of $80, they are willing to market 3000 units. Both the demand and supply equations are known to be linear.

(a) Find the demand equation.
p =
 
 


(b) Find the supply equation.
p =
 
 


(c) Find the equilibrium quantity and the equilibrium price.
equilibrium quantity       units
equilibrium price     $  
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