At a price of $12.59 per box of grapefruit, the supply is 595,000 boxes and the demand is 650,000 boxes. At a price of $13.19 per box, the supply is 695,000 boxes and the demand is 590,000 boxes. Assume that the relationship between price and supply is linear and that the relationship between price and demand is linear. a. Find a price–supply equation of the form p = mx + b . b. Find a price–demand equation of the form p = mx + b . c. Find the equilibrium point.
At a price of $12.59 per box of grapefruit, the supply is 595,000 boxes and the demand is 650,000 boxes. At a price of $13.19 per box, the supply is 695,000 boxes and the demand is 590,000 boxes. Assume that the relationship between price and supply is linear and that the relationship between price and demand is linear. a. Find a price–supply equation of the form p = mx + b . b. Find a price–demand equation of the form p = mx + b . c. Find the equilibrium point.
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.3: Lines
Problem 92E
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At a price of $12.59 per box of grapefruit, the supply is 595,000 boxes and the demand is 650,000 boxes. At
a price of $13.19 per box, the supply is 695,000 boxes and the demand is 590,000 boxes. Assume that the
relationship between price and supply is linear and that the relationship between price and demand is
linear.
a. Find a price–supply equation of the form p = mx + b .
b. Find a price–demand equation of the form p = mx + b .
c. Find the equilibrium point.
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