Concept explainers
Communicating Mathematics.
Does an equation representing demand, as in Example 4, have positive or negative slope? Why is this so? What about the equation representing supply?
Example 4 The Supply and Demand for Hand-Crafted Jewelry
Malik sells hand-crafted turquoise, Native American jewelry at regional craft shows. At a price of $20 per necklace, he is willing to buy 30 necklaces from his suppliers. However, at this price, his suppliers will provide him with 9 necklaces. However, if he will pay $60 per necklace, he can only sell 15 necklaces per show. At this higher price, his suppliers will provide him with 29 necklaces. Assuming that the equations relating price to demand and to supply are both linear, what should the price per necklace be for supply to equal demand?
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Mathematics All Around (6th Edition)
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