Question

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.

(b) Find the supply equation.

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

equilibrium quantity | units | |||

equilibrium price | $ |

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

Step 3

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

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