स The table shows both the number of a certain type of graphing calculator in demand and the number supplied at certain prices. Demand and Supply Schedules for a Graphing Calculator (Producers will supply no calculators when the market price is less than $47.50.) Price (dollars per calculator) Demand (million calculators) Supply (million calculators) 60 35 10 90 31 32 120 15 50 150 5 80 180 4 100 210 3 120 (a) Find the function for the logistic model for demand in million calculators, where p is the price per calculator in dollars, with data from 60 s p S 210. (Round all numerical values to three decimal places. Use the correct input varlable, p. Paste the unrounded equation into your Y1.) D(p) = million calculators Find the function for linear model for supply in million calculators, where p is the price per calculator in dollars, with data from 60 sp S 210. (Round all numerical values to three decimal places. Use the correct input variable, p. Paste the unrounded equation into your Y2.) for p < 47.5 S(p) = million calculators; for p 2 47.5
स The table shows both the number of a certain type of graphing calculator in demand and the number supplied at certain prices. Demand and Supply Schedules for a Graphing Calculator (Producers will supply no calculators when the market price is less than $47.50.) Price (dollars per calculator) Demand (million calculators) Supply (million calculators) 60 35 10 90 31 32 120 15 50 150 5 80 180 4 100 210 3 120 (a) Find the function for the logistic model for demand in million calculators, where p is the price per calculator in dollars, with data from 60 s p S 210. (Round all numerical values to three decimal places. Use the correct input varlable, p. Paste the unrounded equation into your Y1.) D(p) = million calculators Find the function for linear model for supply in million calculators, where p is the price per calculator in dollars, with data from 60 sp S 210. (Round all numerical values to three decimal places. Use the correct input variable, p. Paste the unrounded equation into your Y2.) for p < 47.5 S(p) = million calculators; for p 2 47.5
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 2TY
Related questions
Question
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The table shows both the number of a certain type of graphing calculator in demand and the number supplied at certain prices.
Demand and Supply Schedules for a Graphing Calculator (Producers will
supply no calculators when the market price is less than $47.50.)
Price (dollars
per calculator)
Demand (million
calculators)
Supply (million
calculators)
60
35
10
90
31
32
120
15
50
150
5
80
180
4
100
210
3
120
(a) Find the function for the logistic model for demand in million calculators, where p is the price per calculator in dollars, with data from 60 < p < 210. (Round all numerical values to three decimal places.
Use the correct input variable, p. Paste the unrounded equation into your Y1.)
D(p) =
million calculators
Find the function for linear model for supply in million calculators, where p is the price per calculator in dollars, with data from 60 s p S 210. (Round all numerical values to three decimal places. Use the
correct input variable, p. Paste the unrounded equation into your Y2.)
for p < 47.5
S(p) =
million calculators;
for p 2 47.5
p dollars per calculator, where 60 < p < 210.
Tip: Be sure you are using the unrounded demand and supply functions for the calculations that follow. Using the rounded functions may result in incorrect answers.
(b) At what price will market equilibrium occur? (Round your answer to two decimal places.)
2$
per calculator
How many calculators will be supplied and demanded at this price? (Round your answer to two decimal places.)
million calculators
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