A demand function and a supply function for the same commodity is given. D(p) = 35 -7 In p million units; So S(p) = for p < 3 for p > 3 million units; (3(1.081) p dollars per unit (a) Locate the shutdown point. (Round your answers to three decimal places.) (P₂. S(P₂)) = ( Write a sentence of interpretation for this point. Producers are willing to supply Writo a conto (b) Locate the point of market equilibrium. (Round your answers to three decimal places.) (0*, q*) = million units at a market price of $ intorprotation for this point per unit. Below $
A demand function and a supply function for the same commodity is given. D(p) = 35 -7 In p million units; So S(p) = for p < 3 for p > 3 million units; (3(1.081) p dollars per unit (a) Locate the shutdown point. (Round your answers to three decimal places.) (P₂. S(P₂)) = ( Write a sentence of interpretation for this point. Producers are willing to supply Writo a conto (b) Locate the point of market equilibrium. (Round your answers to three decimal places.) (0*, q*) = million units at a market price of $ intorprotation for this point per unit. Below $
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.4: Functions Given By Words
Problem 13E
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Transcribed Image Text:A demand function and a supply function for the same commodity is given.
D(p) = 357 In p million units;
S(p) = {3(1.081º) for p = 3
p dollars per unit
(a) Locate the shutdown point. (Round your answers to three decimal places.)
(Pr S(P₂)) =
Write a sentence of interpretation for this point.
Producers are willing to supply
million units;
(b) Locate the point of market equilibrium. (Round your answers to three decimal places.)
(p*, q*) =
Write a sentence of interpretation for this point.
At a price of $
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million units at a market price of $
per unit, producers are willing to produce ---Select---
-Select-
more than
exactly
less than
per unit. Below $
per unit, producers will shutdown.
million units, which is what consumers are willing to purchase.
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