Supply, Demand and Equilibrium Price Usually, the supply equation is modeled by a linear equation. Suppose you have done some market research for your product. How would you go about doing this research? Suppose you have found the following information about the supply base on the price: Price 1 dollar 4 dollars 6 dollars 9 dollars Supply 600 units 4200 units 6600 units 10200 units Write the linear equation that relates price and supply. What are the mathematical domain and range? What are the practical domain and range? Now the demand for a product is often inversely proportional to the price. When the price is too high, the demand for it often diminishes. Further market research gives you the following information about the demand based on the price.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Supply, Demand and Equilibrium Price
Usually, the supply equation is modeled by a linear equation.
Suppose you have done some market research for your product.
How would you go about doing this research? Suppose you have
found the following information about the supply base on the
price:
Price
1 dollar
4 dollars
6 dollars
9 dollars
Supply
600 units
4200 units
6600 units
10200 units
Write the linear equation that relates price and supply. What
are the mathematical domain and range? What are the practical
domain and range?
Now the demand for a product is often inversely proportional
to the price. When the price is too high, the demand for it often
diminishes. Further market research gives you the following
information about the demand based on the price.
Transcribed Image Text:Supply, Demand and Equilibrium Price Usually, the supply equation is modeled by a linear equation. Suppose you have done some market research for your product. How would you go about doing this research? Suppose you have found the following information about the supply base on the price: Price 1 dollar 4 dollars 6 dollars 9 dollars Supply 600 units 4200 units 6600 units 10200 units Write the linear equation that relates price and supply. What are the mathematical domain and range? What are the practical domain and range? Now the demand for a product is often inversely proportional to the price. When the price is too high, the demand for it often diminishes. Further market research gives you the following information about the demand based on the price.
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