Let the supply and demand functions for bottles of wine be given by p S(x)= 0.35x where p is the price in dollars and xis the bottles of wine (in thousands) p D(x) 56-0.05x a) Determine the equilibrium quantity b) Determine the equilibrium price
Let the supply and demand functions for bottles of wine be given by p S(x)= 0.35x where p is the price in dollars and xis the bottles of wine (in thousands) p D(x) 56-0.05x a) Determine the equilibrium quantity b) Determine the equilibrium price
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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![Let the supply and demand functions for bottles of wine be given by
p S(x)= 0.35x
where p is the price in dollars and xis the bottles of wine (in thousands)
p D(x) 56-0.05x
a) Determine the equilibrium quantity
b) Determine the equilibrium price](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7703c6cd-dea0-488b-9d81-44462801ca70%2Fab91ffca-f044-4875-9ae4-1838a4e81f0d%2Fa3vfjvq.png&w=3840&q=75)
Transcribed Image Text:Let the supply and demand functions for bottles of wine be given by
p S(x)= 0.35x
where p is the price in dollars and xis the bottles of wine (in thousands)
p D(x) 56-0.05x
a) Determine the equilibrium quantity
b) Determine the equilibrium price
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