The quantity demanded x of a certain brand of DVD player is 3000/week when the unit price p is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any DVD players if the unit price is $350 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market. The supply equation is also known to be linear.(a) Find the demand equation.p(x) =     (b) Find the supply equation.p(x) =     (c) Find the equilibrium quantity and the equilibrium price.equilibrium quantity        unitsequilibrium price  $

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Asked Sep 11, 2019
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The quantity demanded x of a certain brand of DVD player is 3000/week when the unit price p is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any DVD players if the unit price is $350 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market. The supply equation is also known to be linear.

(a) Find the demand equation.
p(x) = 
 
 
 
 

(b) Find the supply equation.
p(x) = 
 
 
 
 

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

Step 1

Given,

The quantity demanded x of a certain brand of DVD player is 3000/week when the unit price p is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any DVD players if the unit price is $350 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market.

Step 2

The demand equation is the line that passes through the point

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negative sign represents the decrease in unit price 20 (3000, 485) with slope 250

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Step 3

Now by using point slope form of a stra...

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equation of a line passing 20 (x-3000)through the point (a, b) with | slope m is y -a m(x-a) Here y is the demand and x is the quantity demanded y-485 250

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