Supply & Demand In demand (and supply) problems, y is the number of items the public will buy if the price of the item is x. In particular, if the price is $14 per item, then the public wants to buy 486 items. However, if the price is $47 per item, then the public would want to buy only 420 items. Convert the information in this problem to two ordered pairs. What is the ordered pair associated with the lower price? What is the ordered pair associated with the higher price? Using these ordered pairs, what is the demand equation? Give your answer in slope-intercept form: Y =

Supply & Demand In demand (and supply) problems, y is the number of items the public will buy if the price of the item is x. In particular, if the price is $14 per item, then the public wants to buy 486 items. However, if the price is $47 per item, then the public would want to buy only 420 items. Convert the information in this problem to two ordered pairs. What is the ordered pair associated with the lower price? What is the ordered pair associated with the higher price? Using these ordered pairs, what is the demand equation? Give your answer in slope-intercept form: Y =

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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Concept explainers

Equations and Inequations

Equations and inequalities describe the relationship between two mathematical expressions.

Linear Functions

A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.

Question

Supply & Demand
In demand (and supply) problems, y is the number of items the public will buy if the price of the item is x.
In particular, if the price is $14 per item, then the public wants to buy 486 items. However, if the price is
$47 per item, then the public would want to buy only 420 items.
Convert the information in this problem to two ordered pairs.
What is the ordered pair associated with the lower price?
What is the ordered pair associated with the higher price?
Using these ordered pairs, what is the demand equation? Give your answer in slope-intercept form:
y =

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