A company supplies a product according to the pricing function, p(x)=0.79x+47px=0.79x+47. The retailer has determined the demand of the product follows the pricing function, p(x)=−0.04x+802px=−0.04x+802. a. At a production level of 4,300 items, what price should be set according to the supply function? $   b. At a production level of 4,300 items, what price should be set according to the demand function? $   c. Find the equilibrium price and quantity. (Round to the nearest item if necessary, round to the nearest cent for price) x =   items y = $

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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A company supplies a product according to the pricing function, p(x)=0.79x+47px=0.79x+47. The retailer has determined the demand of the product follows the pricing function, p(x)=−0.04x+802px=−0.04x+802.

a. At a production level of 4,300 items, what price should be set according to the supply function?

$  

b. At a production level of 4,300 items, what price should be set according to the demand function?

$  

c. Find the equilibrium price and quantity. (Round to the nearest item if necessary, round to the nearest cent for price)

x =   items

y = $  

 
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