To find:
The price and supply for a certain model of electric can opener are related by
Using the information supply and Demand in many applications of economics, as the price of an item goes up, demand for the item goes down and supply of the item goes up. The price where supply and demand are equal is the equilibrium price, and the resulting supply or demand is the equilibrium supply or equilibrium demand.
Suppose the supply of a product is related to its price by the equation
where p is in dollars and q is supply in appropriate units. (Here, q stands for quantity.) Furthermore, suppose demand and price for the same product are related by
where p is price and q is demand. The system formed by these two equations has solution (18, 12), as seen in the graph.
Want to see the full answer?
Check out a sample textbook solutionChapter 5 Solutions
Essentials of College Algebra with MyMathLab Pearson eText Access Card
- Algebra and Trigonometry (6th Edition)AlgebraISBN:9780134463216Author:Robert F. BlitzerPublisher:PEARSONContemporary Abstract AlgebraAlgebraISBN:9781305657960Author:Joseph GallianPublisher:Cengage LearningLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra And Trigonometry (11th Edition)AlgebraISBN:9780135163078Author:Michael SullivanPublisher:PEARSONIntroduction to Linear Algebra, Fifth EditionAlgebraISBN:9780980232776Author:Gilbert StrangPublisher:Wellesley-Cambridge PressCollege Algebra (Collegiate Math)AlgebraISBN:9780077836344Author:Julie Miller, Donna GerkenPublisher:McGraw-Hill Education