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Price-Demand curve

Price-Demand curve

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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12:44 PM Wed Feb 17 * 82% 88 2.3 Notes Modeling with Linear Functions •.. {T Lecture Questions Name 1. Vroom Inc. sells electric skateboards at all major department stores. The pricing analyst for Vroom Inc. found the following values for the Price-Demand curve (at right). a. Find an equation that models the demand in terms of price using the data provided. Price $250 $400 $500 Quarterly Demand 20,000 11,000 5000 in units units units r000s b. What is the projected demand if each skateboard is priced at $350? C. The operations analyst for Vroom Inc. finds the combined quarterly performance for its production facilities and compiles the following Price-Supply Price $100 $300 $600 Quarterly 13,000 Supply 31,000 58000 in 1000s units units units Curve (at right). Find an equation that models the Price-Supply Curve. d. What is the projected quarterly supply if each skateboard is priced at $350 e. Looking at the answer for (b) and (d), is it a good idea to price each skateboard at $350? Should they produce more or less units per quarter? Explain your answer. Math 40 Page 4 of 5 Section 1.6
Transcribed Image Text:12:44 PM Wed Feb 17 * 82% 88 2.3 Notes Modeling with Linear Functions •.. {T Lecture Questions Name 1. Vroom Inc. sells electric skateboards at all major department stores. The pricing analyst for Vroom Inc. found the following values for the Price-Demand curve (at right). a. Find an equation that models the demand in terms of price using the data provided. Price $250 $400 $500 Quarterly Demand 20,000 11,000 5000 in units units units r000s b. What is the projected demand if each skateboard is priced at $350? C. The operations analyst for Vroom Inc. finds the combined quarterly performance for its production facilities and compiles the following Price-Supply Price $100 $300 $600 Quarterly 13,000 Supply 31,000 58000 in 1000s units units units Curve (at right). Find an equation that models the Price-Supply Curve. d. What is the projected quarterly supply if each skateboard is priced at $350 e. Looking at the answer for (b) and (d), is it a good idea to price each skateboard at $350? Should they produce more or less units per quarter? Explain your answer. Math 40 Page 4 of 5 Section 1.6
12:44 PM Wed Feb 17 * 82% 88 Q 2.3 Notes Modeling with Linear Functions •.. f. Interpret the slopes for both equations found in (a) and (c) in complete sentences. g. On the graph provided, graph the Price-Demand and the Price-Supply functions you've found. Estimate their intersection point. -40000- -30000- -20000- -10000- 200 800 600 h. Find the exact point of intersection. Make sure to provide the ordered pair. 400 i. Interpret the exact point of intersection in context. Math 40 Page 5 of 5 Section 1.6
Transcribed Image Text:12:44 PM Wed Feb 17 * 82% 88 Q 2.3 Notes Modeling with Linear Functions •.. f. Interpret the slopes for both equations found in (a) and (c) in complete sentences. g. On the graph provided, graph the Price-Demand and the Price-Supply functions you've found. Estimate their intersection point. -40000- -30000- -20000- -10000- 200 800 600 h. Find the exact point of intersection. Make sure to provide the ordered pair. 400 i. Interpret the exact point of intersection in context. Math 40 Page 5 of 5 Section 1.6
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