The supply function and the demand function for a product are linear and are determined by the tables that follow. Supply Function Price ($) Quantity 70 125 120 150 220 200 Demand Function Price ($) Quantity 10 355 60 330 160 280   Write an equation for the supply function's price p as a function of q. Write an equation for the demand function's price p as a function of q. Find the quantity and price that give market equilibrium.

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The supply function and the demand function for a product are linear and are determined by the tables that follow.
Supply Function
Price ($) Quantity
70 125
120 150
220 200
Demand Function
Price ($) Quantity
10 355
60 330
160 280

 

Write an equation for the supply function's price p as a function of q.

Write an equation for the demand function's price p as a function of q.

Find the quantity and price that give market equilibrium.

 

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