For Exercises 69-70, refer to Figure 8-1 and the narrative at the beginning of this section. Suppose that the price p in $ of theater tickets is influenced by the number of tickets x offered by the theater and demanded by consumers. Supply: p = 0.025 x Demand: p = − 0.04 x + 104 a. Solve the system of equations defined by the supply and demand models. b. What is the equilibrium price? c. What is the equilibrium quantity?
For Exercises 69-70, refer to Figure 8-1 and the narrative at the beginning of this section. Suppose that the price p in $ of theater tickets is influenced by the number of tickets x offered by the theater and demanded by consumers. Supply: p = 0.025 x Demand: p = − 0.04 x + 104 a. Solve the system of equations defined by the supply and demand models. b. What is the equilibrium price? c. What is the equilibrium quantity?
Solution Summary: The author calculates the solution of the system of equations defined by the supply and demand models.
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 $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.
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