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. $…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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