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2. There is no demand for an item when the price is $800. However, there is a demad for 100 items when the price is $600. The supplier will not provide any of the items if the unit price is $300 or below. The supplier will provide 150 items when the unit price is $375. a. Write the demand equation. Hint, let x be items and y be $. b. Write the supply equation. Hint, let x be items and y be $. c. Sketch the graph of supply and demand functions, and find the equilibrium point.

2. There is no demand for an item when the price is $800. However, there is a demad for 100 items when the price is $600. The supplier will not provide any of the items if the unit price is $300 or below. The supplier will provide 150 items when the unit price is $375. a. Write the demand equation. Hint, let x be items and y be $. b. Write the supply equation. Hint, let x be items and y be $. c. Sketch the graph of supply and demand functions, and find the equilibrium point.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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2. There is no demand for an item when the price is $800. However, there is a demalf for 100 items when the price is $600. The supplier will not provide any of the items if the unit price is $300 or below. The supplier will provide 150 items when the unit price is $375. a. Write the demand equation. Hint, let x be items and y be $. b. Write the supply equation. Hint, let x be items and y be $. c. Sketch the graph of supply and demand functions, and find the equilibrium point.
Transcribed Image Text:2. There is no demand for an item when the price is $800. However, there is a demalf for 100 items when the price is $600. The supplier will not provide any of the items if the unit price is $300 or below. The supplier will provide 150 items when the unit price is $375. a. Write the demand equation. Hint, let x be items and y be $. b. Write the supply equation. Hint, let x be items and y be $. c. Sketch the graph of supply and demand functions, and find the equilibrium point.
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