The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $170; the quantity demanded each month is 750 when the unit price is $150. The suppliers will market 750 espresso makers if the unit price is $110. At a unit price of $130, they are willing to market 2250 units. Both the demand and supply equations are known to be linear. (a) Find the demand equation.p =  −.04x+180       (b) Find the supply equation.p =  0.013x+100.25      (c) Find the equilibrium quantity and the equilibrium price. equilibrium quantity         units equilibrium price     $

Question

The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $170; the quantity demanded each month is 750 when the unit price is $150. The suppliers will market 750 espresso makers if the unit price is $110. At a unit price of $130, they are willing to market 2250 units. Both the demand and supply equations are known to be linear.

(a) Find the demand equation.
p = 
−.04x+180
 
 
  

(b) Find the supply equation.
p = 
0.013x+100.25
 
 
 

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

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