In supply and demand problems, y is the number of items the supplier will produce (or the public will buy)if the price of the item is x.For a particular product,the supply equation is y = 3x + 581and the demand equation is y = -5x + 765.a. What is the selling price when supply and demand are in equilibrium?Price is $/itemb. How many number of items are there when supply and demand are in equilibrium?Number of items =

Given that the supply equation is --------- (1)…

Answered: In supply and demand problems, y is the…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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The quantity of supply and demand for Vince Ferguson Bobbleheads isrelated by the supply equation,? = 6? + 1 , and demand equation, ? = 78 − 5?, where x represents the number of bobbleheads and yrepresents the price per bobblehead. Find the equilibrium price.
17. THE DINNER BANQUET Reese and Markus are planning a special party for their family and friends. A local restaurant offers dinner banquets at $360 for the first 15 guests and $27.50 per person for additional guests. There is a minimum of 15 guests required to reserve the banquet room. a. Assume that at least 15 guests will attend. Write an equation for the cost of the banquet in terms of the number of guests. b. If Reese and Markus want to keep costs below $750, how many guests should they invite?
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