The solution of the system defined by the supply: p = 0.002 x and demand: p = − 0.005 x + 70 where the price p (in $ ) of cookbook is influenced by the number of cookbook x demanded by consumers and supplied by the publisher.
The solution of the system defined by the supply: p = 0.002 x and demand: p = − 0.005 x + 70 where the price p (in $ ) of cookbook is influenced by the number of cookbook x demanded by consumers and supplied by the publisher.
Solution Summary: The author explains the steps for solving the system of equations by substitution method: Isolate one of the variables from one equation; Substitute the expression found in step 1 into the other equation.
To calculate: The solution of the system defined by the supply: p=0.002x and demand: p=−0.005x+70 where the price p (in $) of cookbook is influenced by the number of cookbook x demanded by consumers and supplied by the publisher.
(b)
To determine
To calculate: The equilibrium price where the price p (in $) of cookbook is influenced by the number of cookbook x demanded by consumers and supplied by the publisher and supply: p=0.002x and demand: p=−0.005x+70.
(c)
To determine
To calculate: The equilibrium quantity where the price p (in $) of cookbook is influenced by the number of cookbook x demanded by consumers and supplied by the publisher and supply: p=0.002x and demand: p=−0.005x+70.
At a price of $4.65 per pound, the supply for cherries is 16,117 pounds, and the demand is 10,232 pounds. When the price drops to $4.13 per pound, the supply decreases to 10,929 pounds and the demand increases to 12,809 pounds. Assume that the price-supply and price-demand equations are linear.
What is the equilibrium price?
$ per pound. Round to the nearest cent.
At a price of $4.68 per pound, the supply for cherries is 16,186 pounds, and the demand is 10,295 pounds. When the price drops to $4.21 per pound, the supply decreases to 10,996 pounds and the demand increases to 12,591 pounds. Assume that the price-supply and price-demand equations are linear.
What is the equilibrium quantity? Round to the nearest pound.
pounds.
At a price of $31.75, producers will provide 8 items, while at a price of $45.75, they will provide 24 items. Consumers will purchase 92 of these items if the price is $83.25, but will purchase 164 items if the price decreases to $74.25.
Determine the market equilibrium point.
If the supply and demand functions for a commodity are given by
4p − q = 54and (p + 2)q = 1,400, respectively, find the price and quantity that will result in market equilibrium. equilibrium price = $?equilibrium quantity = ?
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