Let the supply and demand for bananas in cents per pound be given by the equations below. supply: p =9; demand: p= 84- (a) Graph these equations on the same axes. (b) Find the equilibrium quantity. (c) Find the equilibrium price. (d) At a price of 34 cents per pound, is there a surplus or a shortage of supply?
Let the supply and demand for bananas in cents per pound be given by the equations below. supply: p =9; demand: p= 84- (a) Graph these equations on the same axes. (b) Find the equilibrium quantity. (c) Find the equilibrium price. (d) At a price of 34 cents per pound, is there a surplus or a shortage of supply?
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Transcribed Image Text:Let the supply and demand for bananas in cents per pound be given by the equations below.
supply: p =
2
9; demand: p = 84 -
39
(a) Graph these equations on the same axes.
(b) Find the equilibrium quantity.
(c) Find the equilibrium price.
(d) At a price of 34 cents per pound, is there a surplus or a shortage of supply?
(a) Choose the correct graph below.
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supply
150
150
150
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