The Yaster research department established the following price-supply function for thingamabobs:q(x) = 1.24 x + 50,where x is in thousands of thingamambobs. Find the equilibrium quantity. Use that information tocomplete the following sentence:As the price of thingamabobs tends toward the equilibrium price, the supply and demand are boththingamabobs. Round to the nearest thingamabob. Yaster Inc. is trying to enter the thingamabob market. The research department established thefollowing price-demand, cost, and revenue functions:p(x)=57-1.14xC(x) = 215 + 11xCost functionR(x) = xp(x) = x(57-1.14x) Revenue functionwhere & is in thousands of thingamabobs and C(x) and R(x) are in thousands of dollars. The pricep(x) is the price in dollars of one thingamabob when the demand is a thousand thingamabobs. Allthree functions have domain 1 ≤ x ≤ 50.Price-demand function

Answered: Image /qna-images/answer/045d5ce5-17c9-426d-8976-d06a97d31d2a.jpg

The Yaster research department established the following price-supply function for thingamabobs: q(x) = 1.24 x + 50, where x is in thousands of thingamambobs. Find the equilibrium quantity. Use that information to complete the following sentence: As the price of thingamabobs tends toward the equilibrium price, the supply and demand are both thingamabobs. Round to the nearest thingamabob.

The Yaster research department established the following price-supply function for thingamabobs: q(x) = 1.24 x + 50, where x is in thousands of thingamambobs. Find the equilibrium quantity. Use that information to complete the following sentence: As the price of thingamabobs tends toward the equilibrium price, the supply and demand are both thingamabobs. Round to the nearest thingamabob.

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter4: Polynomial And Rational Functions

Section4.1: Quadratic Functions

Problem 6SC: A company that makes and sells baseball caps has found that the total monthly cost C in dollars of...

See similar textbooks