12:44 PM Wed Feb 17* 82%882.3 Notes Modeling with Linear Functions•..{TLecture QuestionsName1. Vroom Inc. sells electric skateboards at all majordepartment 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$500QuarterlyDemand20,00011,0005000inunitsunitsunitsr000sb. What is the projected demand if each skateboard is priced at $350?C. The operations analyst for Vroom Inc. finds thecombined quarterly performance for its productionfacilities and compiles the following Price-SupplyPrice$100$300$600Quarterly 13,000Supply31,00058000in1000sunitsunitsunitsCurve (at right). Find an equation that models thePrice-Supply Curve.d. What is the projected quarterly supply if each skateboard is priced at $350e. Looking at the answer for (b) and (d), is it a good idea to price each skateboard at $350? Shouldthey produce more or less units per quarter? Explain your answer.Math 40Page 4 of 5Section 1.6 12:44 PM Wed Feb 17* 82%88Q2.3 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--10000-200800600h. Find the exact point of intersection. Make sure to provide the ordered pair.400i. Interpret the exact point of intersection in context.Math 40Page 5 of 5Section 1.6

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Business

Economics

Price-Demand curve

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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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