Estimate the equilibrium price.$ per pan. Round to the nearest dollar.Use the graph attached below to help answer the question i appreciate itthanks!!!! Equilibrium Point5,500Yaster Cookware is planning to introduce a new line of cast-iron pans. A marketing companyestablished price-demand and price-supply tables for selected prices, shown in the tables below,where a is the number of pans people are willing to buy and Yaster is willing to sell each month at aprice of p dollars per pan.Price-Demand:p = D(x)98441021402202940143420055512545Price-Supplyp = S(x)98421214077294010842001505125190Find a quadratic regression model for the price-demand data and a linear regression model for theprice-supply data. Use these models to answer the following questions.

Quadratic Equation - y = ax2+bx+c And, Equilibrium is that stage where quantity demanded = quantity…

Answered: Estimate the equilibrium price. $…

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Estimate the equilibrium price. $ per pan. Round to the nearest dollar. Use the graph

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Estimate the equilibrium price.

$ per pan. Round to the nearest dollar.

Use the graph attached below to help answer the question i appreciate it

thanks!!!!

Equilibrium Point
5,500
Yaster Cookware is planning to introduce a new line of cast-iron pans. A marketing company
established price-demand and price-supply tables for selected prices, shown in the tables below,
where a is the number of pans people are willing to buy and Yaster is willing to sell each month at a
price of p dollars per pan.
Price-Demand:
p = D(x)
984
410
2140
220
2940
143
4200
55
5125
45
Price-Supply
p = S(x)
984
21
2140
77
2940
108
4200
150
5125
190
Find a quadratic regression model for the price-demand data and a linear regression model for the
price-supply data. Use these models to answer the following questions.

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