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) %3D (b) Find the supply equation. p(x) = (c) Find the equilibrium quantity and the equilibrium price. equilibrium quantity units equilibrium price %24

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter8: Functions
Section8.CR: Review Problem Set
Problem 50CR
icon
Related questions
Question
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)
%3D
(b) Find the supply equation.
p(x) =
(c) Find the equilibrium quantity and the equilibrium price.
equilibrium quantity
units
equilibrium price
%24
Transcribed Image Text: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) %3D (b) Find the supply equation. p(x) = (c) Find the equilibrium quantity and the equilibrium price. equilibrium quantity units equilibrium price %24
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 4 images

Blurred answer
Recommended textbooks for you
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax