Supply and Demand for Packages of Cookies Price of a Quantity Demanded Quantity Supplied Package (millions of packages) (millions of packages) of Cookies per Week per Week 30¢ 150 70 40¢ 130 90 90 130 Chocolate C Molasses 70 150 Deliss 2 The data in the table can be described by the following demand and supply models: Demand Model Supply Model p = -0.5x + 105 р 3 0.5х — 5. Price per Number of packages package (cents) demanded per week (millions) Price per Number of packages package (cents) supplied per week (millions)

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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The table shows the price of a package of cookies. For each price, the table lists the number of packages that consumers are willing to buy and the number of packages that bakers are willing to supply. The data in the table can be described by the following demand and supply models: Solve,

a. Solve the system and find the equilibrium quantity and the equilibrium price for a package of cookies.

b. Use the answer from part (a) to complete this statement: If cookies are sold for _______ per package, there will be a demand for ________ million packages per week and bakers will supply _______ million packages per week.

Supply and Demand for Packages of Cookies
Price of a
Quantity Demanded Quantity Supplied
Package (millions of packages) (millions of packages)
of Cookies
per Week
per Week
30¢
150
70
40¢
130
90
90
130
Chocolate C
Molasses
70
150
Deliss
2
The data in the table can be described by the following
demand and supply models:
Demand Model
Supply Model
p = -0.5x + 105
р 3 0.5х — 5.
Price per Number of packages
package
(cents)
demanded per week
(millions)
Price per Number of packages
package
(cents)
supplied per week
(millions)
Transcribed Image Text:Supply and Demand for Packages of Cookies Price of a Quantity Demanded Quantity Supplied Package (millions of packages) (millions of packages) of Cookies per Week per Week 30¢ 150 70 40¢ 130 90 90 130 Chocolate C Molasses 70 150 Deliss 2 The data in the table can be described by the following demand and supply models: Demand Model Supply Model p = -0.5x + 105 р 3 0.5х — 5. Price per Number of packages package (cents) demanded per week (millions) Price per Number of packages package (cents) supplied per week (millions)
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